Suppose you still have a job and have not been fired for running your business while on the clock, and you're being paid a W2 salary - let's say $100k per year. 

Experience is suppose to be a supplement to your screening process it is not suppose to be the only screening process.  

#2 12K is supposed to be just for the cabinets and countertops (assuming brand new).

It depends on what you want to do in life I suppose.

The current owner is supposed to go back to the Hotel owner and ask them to rescind the covenants.  

Project still not finished as I ran out of money to put into it and it's kind of a messed up deal as I've got a friend of mine well current business partner living in there as he's supposed to be fixing it up but this relationship is coming to an end just because of other personal issuesLessons learned?

It's supposed to ensure there are no surprises after closing.

Many times the applicant will tell or show you what they are supposed to receive, BUT many times they haven't actually been receiving that money like they are supposed to.

It's supposed to be the icing on the cake, not the cake.

I'm surprised you don't know what the tenants are supposed to pay (e.g. utilities) because that question should have been answered during the purchase process.