Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. 

Additionally, make sure you’re familiar with local property laws and any regulations that could impact your investment.I agree with @Jason Wray that you can easily find a cash flowing deal under 200k. 

When its included in a lease for real estate then the laws pertaining to residential rental security deposits in your state apply but when its separate you should have more leeway to get some additional deposit to protect you.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

It looks like there's an additional day of interest in their calculation which checks out just fine.

.* Additional Charges: Jenny requested that I deposit on her checking account an additional $20-25k for her to purchase furniture, which I refused because I thought it was very strange, opting to give my card # instead.* Work Quality: Jenny never showed up to the house, she sent 2 people instead, she never mentioned she would not show up herself, she never asked for approval to send two others instead, they did not complete the job, and there were multiple unauthorized charges on my card.* Receipts and Expenses: Once I brought to Jenny's attention that we were 20k above budget, she refused for days to give me the receipts, saying that I needed to give her my credit card statement first.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

Let me know if I can provide any additional tips or resources to help.Best regards,Sadler Surratt 

I think what @Garrett Brown is getting at is using this in addition to other methods.