Think about:  we have a clause in all leases that state after move in, tenant is responsible for ALL glass inside and outside the unit. 

Tag me if you have any specific questions but here's some quick bullet points on the program:Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Minimum: $5,000 (below this on an exception basis only)Maximum: Limited to 50% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term: The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

It is an off market deal, and when the owner sent me more details, one of the bullet points read: "The siding is asbestus but the house just got completely repainted and it is sealed."

I bit the bullet and said replace it.  

4) if your contractor will wait to get paid a few days after the draw must you will stay pay them upfront and show proof of this to lender before they will release funds back to you?

In most cases, this should serve as Bonafide Proof of what the Property is Worth, as it reflects what a willing Buyer and a Willing Seller agreed to on the property - thus that is the textbook definition of Value.     3.

Ask for proof of bank statements.How is his credit history.

For a long long time the unsolicited offer has been seen as a magic bullet. 

(Glass half full: I can and would take the down payment and invest elsewhere...)3.

Here are my best three bullets worth of advice:Get and review client references - Talk to the last couple of investors they sold a deal.