Morris SUPPOSEDLY replaces the roof and all of the mechanicals so that you SHOULDN'T have any of those issues for many years.

If the building is currently recognized as a single family residence,  then you are changing use and presumably will need to sprinkler the building and satisfy other fire rating and STC rating requirements not to mention the added costs of having to run mechanicals for multiple units, multiple kitchens, additional bathrooms etc.  

Plan for those system failures on a spreadsheet. 

Feels like someone with political clout needs to realize the situation and start investigating delays and failures.

It's not about expecting failure but about being realistic and avoiding future legal issues.

I have 2 black belts, one in failure and one in success!

Seems like capitalism at its finest, but I am not in that space.PPR has a process for operating and liquidating the funds in the event of a business failure of PPR. 

This is coming from someone to stepped out of W2 in their early/mid 30s, and I can tell you first hand it's not cheap and anybody that tries this really does not understand the reality of it.To your other questions, cash flow is just a mechanism of leverage nothing less or more.

See, Hurricane Kartina, Maria, etc, etc,Bill, while there are cases of third party counter risk similar to "Equifax" getting breached, these are due to centralized points of failures and (generally) completely out of your hands. 

If you throw in the towel after one failure, I'm not sure you've really learned anything.