Holding properties in all cash early in an investment career is missing out of leverage returns.

You can cover the wire mesh with drywall patches (they tape on wall and across the wire, white/paintable, different sizes) as the wire mesh is what will prevent the rats from eating their way into the property (the covering material is cosmetic only).

Eventually the scam becomes so plain you can't miss it. 

What am I missing?

They are long gone now.This "wally wrap" seems just like a regular wrap, what am I missing?

Overall, I've lost confidence that he is doing a good job and wonder what else he has missed if I was able to catch the mistakes. 

I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

The second one to build a security net.I've simplified the deal a lot but... am I missing out something obvious?

My current understanding of the market make me disagree completely with that statement, so what have i missed?

I know there's a lot of details missing to actually give an accurate answer.