Insurance- personal property.  

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

Are you able to go there in person to build your network? 

Personally, I'd go with the As-Is scenario.

So they price those homes at what a willing homeowner will pay for their personal residence.

My personal opinion: he's not the only one "doing it right" but he's definitely on the very short list of those that are.Just my .02note: I don't participate in his deals.

Who is personally going to be liable if the guarantees aren't met?

I personally like the buy-and-hold strategy and we help clients who share this long-term, wealth building mindset. 

I financed the acquisition of the land with personal and private money.