It's setting self up for failure, because everything ahs to go right for a duration of time INCLUDING equity growth to infill that hole one dug day 1 via over paying. 

I like this one especially the creating a business partThe failure rate for persons who start business's for intent and focus of making $ is astronomically high.  

Some specific examples include careless installation of vinyl flooring in our kitchen, resulting in irreparable damage; leaving an exposed nail in remodeled kitchen cabinetry that scratched our new range; installation of bathroom sinks with improper plumbing connections; and multiple instances of failure to remove cigarette butts, food trash, and construction waste from our property.

Mike thinks 15% of rent would cover vacancy, maintenance/cap ex, misc (missed payments, asset protection (actually I am not surehebelieves in asset protection), utilities from property failure such as slab leak).  

Part of growing is recognizing our own failures, not shifting the blame to others, even when its really easy to see their faults.

Nice wishful  thinking but if you approach real estate investing thinking it's going to be a completely passive endeavor, then your chances of failure will be much greater. 

More specifics - the main issue is failure to include the lien holder in the foreclosure suit (the State of Maryland was named, but not the MD Dept of Health). 

If/when the IRS finds out (and they will), they can fine and penalize you as well as him for failure to report.First thing to do is to check his license status.

*Two-wire ungrounded systems with two-prong receptacle acceptable *Two-wire ungrounded system with three-prong receptacle unacceptable unless supplied through GFCIBased on that, the 3-prong outlets you put in wouldn't pass if they test them.If you're interested, here's a list of the top 10 most commonly failed inspection items (in order from highest to lowest failure rate) from one county Housing Authority:1.

Regardless of where you are at in your investing life there is more to learn.BiggerPockets has helped me see broader issues in RE across the country as well as  different investment approaches.Another thing is reading the stories of success and failure.