I questioned how they would make enough money to warrant the risk and effort then the COVID appreciation happened. 

Of recent discussions,  from a development perspective, what they have is legit, they have diligently built out the business, though more is required but they are at a point which warrants my involvement and are finalizing my company's involvement with the S2A to pull it together on the East Coast.

The landlord is absolutely wrong for renting property that isn't permitted as such.I am not of the mind this warrants providing free housing for someone and having them take hostage of the unit demanding what is effectively a ransom.  

@Charlie AnneFirst purchase was a 3br/2ba condo in CLT.Purchased it 4 years ago for $62k it’s worth $110k nowI wish back then I knew what was a non-warrantable condo and how hard it is to find financing on those type of properties....

Limited Capital: I can finance some of the deal, with about 10k of my own money, and possibly more if the deal warrants it.

Not all the foundations are rough, but the older homes warrant paying extra attention to. 

Their relationship is everything in this deal and could even warrant creative financing. 3.

How are you handling reps and warrants?

Ask about a deal that didn't go according to plan and how they handled it (if they say every deal went according to plan, they haven't done enough deals yet to warrant your investment).  

A 1031 Exchange could then be structured if the net amount of taxes due warranted going through a 1031 Exchange.