Depending on the scope of the project, you should request periodic pics/videos showing/confirming the quality of the work and timing is on schedule.

So for me the main challenge is finding properties and predicting rehabs and maintenance costs while periodically reviewing my numbers to make sure I am hitting my conservative targets. 

North Carolina, as an example, is Non-Judicial--but has the fun quirk of ten day upset bid periods during foreclosure.

Investors should do a self assessment periodically to figure out which strategies best allign with their lifestyle and limits.

However, the value of your labor generally cannot be included in the cost basis for depreciation purposes.Accelerated Depreciation: A cost segregation study would identify components of your property that can be depreciated over shorter periods, such as personal property and land improvements.

There may also be a requirement to give 30, 60, or 90 day notice before the relationship can be canceled.So your friend may want to consider canceling right before or during a slow period so that they don't have too many existing bookings "owned" by the agent.

Also due to contractor un--availability, rehab problems plan on a 6 mo close to close period.  

Payback period?

The 20 month deal did hit the pref throughout the entire period.

I hope the contingency period goes smoothly for you.