Thankfully, there's only 1 guy to use for the bad reference.I want to see something money wise to see you are not one of the thousands of tire kickers out there.

You can lose tens of thousands with rookie mistakes.

This can end up costing thousands more dollars, which can obviously affect your margins. 

However again if your bound and determined to buy the physical assset then you need to buy quality not C class.. you will NOT get consistent cash flow like you are thinking your will. you will have tenants stop paying you will then get NO rent for 2 to 6 months as you evict and then spend thousands rehabbing the house they just trashed..

I would like to convert the garage into a one bedroom and rent either to another long term tenant or mid term (30 day min for professors or traveling nurses). 

I can imagine if you want to purchase something, there's thousands of other areas to choose from where you wouldn't be losing so much money.

We also assisted to have mngt contribute thousands to the investor as well.

This guy claimed to have hundreds of homes which was a complete lie and then drives idiots around the Philadelphia hood in a party bus for thousands of dollars. 

Is it going to be a couple hundred dollars or a couple thousand?

Even if I were found guilty, the cost would be in the thousands, not in the millions.