New flippers can choose formal (paid for) educational programs, free education with due diligence from resources like BiggerPockets, podcasts, etc., low cost or free "mentor" scenarios through networking, shadowing or otherwise. 

The property would have a formal appraisal, etc. but the important item I wanted to bring up here is that you should be filing that 2nd lien on title AT CLOSING. 

Turned an extra living room or (formal dinning room?)

If it is a formal lease, my guess is that there will be a section that covers it. 

Did you have a formal inspection on the property?

Account Closed in that getting educated is huge and will give you a boost when you are able to move forward.But I don't think it's necessary, in a formal sense.

Now compare that to the typical hard money lender experience where there are formal applications, possibly credit pulls, maybe formal appraisals required, minimum credit scores, minimum borrower experience, minimum capital reserve requirements etc etc. 

Also, not all meets are equal. there are big ones, small ones, formal ones, and informal ones.

The broker helps to formally close the deal and doesn't invest nearly as much time through the evaluation process as with a typical buyer. 

In other words, not much.Third, even when a tenant is authorized to withhold rent, they usually have to follow a process that involves serving formal notice of a complaint to the Landlord and then giving the Landlord time to rectify the problem.