If you're concerned about operating legally, my first thought is not to temp the watch dogs in the first place, having a deal blow up with a buyer is likely, if he shows up in court, (and no, he doesn't need an attorney like a guru claims) your deal will go under a microscope, why even go there if you're not forced into that position?

Dust will soak into your eyeballs, the microscopic stuff.

You will have to manage the construction budget with a microscope but there is a larger upside potential.  

Long term tenants and microscopic vacancy rate over the last 5 years.

If you short cut on the windows, he might put everything that you do under a microscope. 

The group is microscopic for less than $35k.You might have to approach this a little different and see if you can offer up more than one property to get into a higher loan amount.

Also, great tip to study the rent with a microscope to determine the actual potential!!

http://www.refinisherswarehouse.com/refinishing_coatings_glaz_weld.htm "The Advanced Molecular Bonding System Found Exclusively at Refinishers Warehouse.Current (now outdated) methods of preparing bathroom and kitchen surfaces for re-coloring by etching with acids and sanding are dangerous, time-consuming, expensive . . .and they can lead to microscopic pores in the prepared surfaces that virtually guarantee eventual failure of the new surfaces due to blistering and loss of adhesion.Refinishers Warehouse Glaz-Weld is a molecular bonding agent.

Look at those areas with a microscope and you should find the properties that need improvements, offer add value opportunity and can usually be bought for under comparable market once you can establish a reliable ARV. 

This property appraised fine, but the delta is 300k in just 6 months, so they are pulling out the microscope.