In Houston we do a lot of orange peel on the walls with a stomp and drag on the ceilings.

– This is crucial if you don’t want your project to drag on forever.

Also make sure the contractor sign the wavier before final payment.I also put in penalty clause in my agreement; so the contractor do not drag on the finish time.

What dragons are unique to this market?

In CA at least your friend and possibly you could get in a heap of trouble if they aren't an agent or have an ownership interest.I see from your profile that you want to make real estate part of your life long term - correcting all of the above will cost some cash short term, but not correcting the above will be a significant drag on your income long term if anything goes sideways.

Just pray they don't protest using a pauper affidavit or it can drag on. 

I'm aware short sales can drag on and on but there has to be something or someone to help? 

This thing can't drag on forever. 

You need some contingency funds to see you through, and having to make payments on the student loan is just another drag on your funds. 

My penultimate rehab was a super-hoarder house.The poor man's remains was removed by the health department covered in like a million dragon flies.He'd been dead for weeks.The house is one of my cleanest now and the new tenant wrote me a letter after signing the lease that she didn't  ever plan to move out.I hope she doesn't plan on dying there too...That would be too much for one landlord.