I should have mentioned that I am out of state in Colorado and I'm not connected yet to contractors that I trust to do a rehab.

Your first invesment may need to be trusted out of state.

It is a great business as long as you have some level as scale.

After thirty years of flipping houses I can tell you that the second you trust the subs completely, things go wrong.

Agree to allow the firm’s “entry level” attorneys handle your cases or as allowed by law their clerks?

Do some smaller dollar private lendingA property is too capital intensive and $20k will not get you very far.You also did not describe what level of risk you want to take, so that is something also to take into consideration when evaluating where to invest.

What was the experience level of this GP?

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

It does not appear that many newbies (or experienced) investors are buying much (transaction levels are at record lows). 

An inspector can also evaluate at a surface level the structural integrity.