This is my first major rehab and I'm trying to be creative about stretching my budget.

Quote from @Matthew Paul: Isnt there going to be a major problem with mudslides once they get rain  .

Quote from @John Friendas: Hey,My investing partner and I have reached an agreement where he would have the debt under his name and apply for it individually, and I would do the majority of the management (he is out of state and my income is half his).

Not all but a vast majority based on my doing deals in PA NJ WV OH SC etc etc. 

Promote Structure - This is usually if you guys have 1 person who handles the majority of the business and the day-to-day operations.

There is a major franchise that puts these together, writes their own lease (sale-leaseback deal) and surprise - Gives themselves rent holidays in later years in the lease.4) Realize there the return they give you is NOT guaranteed, so better history of the syndicator better the odds you'll get it.5) If you have the money, try to diversify and spread it around by prop type and location (ie make 10 buys of $100K vs. one buy of $1M)6) It's commercial RE - You CANNOT turn around and sell it if you need the money now. 

There's always some bad apples in any bunch but for vast majority, it's a win-win. 

Personally If you like your current residence and hope to stay there long term I would forgo major improvements on my primary and use all investment savings to make you more money and cash flow. 

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

Bootleg additions etc do not get any value by appraisers and could be a major problem.