This is because it was poorly converted, improperly done, "patched up" over time, and might have mixed up mechanicals etc.

Which of the above created the failure or postponement of payments?    

There are a few temp fixes that still range in the $5000 range. 2. now add the furnace, garage door (not opener, but actual door mechanisms), front door that all will need to be replaced in next few years. 3. the gutters that need replaced now (ours are too small and its causing major overflow), and the flooring that needs replaced prior to renting it out. 

If you are going to purchase materials as a cost saving mechanism, remember the project will perform best if both the owner and GC turn a profit.

.- Evaluate all major systems (mechanical, electrical, roof, plumbing, foundation, etc).

Its a game of failure... its a numbers game.

Any delay or failure in the performance by Landlord hereunder shall be excused if and to the extent caused by the occurrence of any event that is beyond Landlord's control, such as fires/ floods, earthquakes, wars, sabotage, terrorism, vandalism, governmental acts, injunctions, or labor strikes, acts of God and any other occurrences that are unavoidable or unpreventable despite reasonable efforts to prevent, avoid, delay, or mitigate the effects thereof."

  :)  I suggest you join the local REIAs though, one of the smartest things you'll do.Beset of luck, curtHow do you manage having mechanical contractors pull their own permits and not have a general permit pulled?  

What was your failure in flipping?

It is equipped with the following: - Office - 2 mechanic bays with lifts - 1 bay for mobile detailing  - Car lot for 70 cars Lot of ideas go through my head but figured i would reach out to the BP community.