On the surface it looks great.

As a 3rd-party real estate consultant that has no skin in the game other than what I charge, I provide exactly what you've described—unbiased, no-nonsense, and straightforward advice.

Contractors stated that he does surface level cosmetic fixes as fast as possible to pass inspections.

I have 2 factors that I know play into it, but there's always more beneath the surface.

@Bob Dole - there is more to the cost segregation question than on the surface.

I own one and use it from time to time, @Kevin S.The base of the Nix sits flush against the painted surface, and it has it's own internal light source.

I personally like one sponsor who has been through multiple real estate cycles without losing any investor money, puts very large amounts of skin in the game, is conservatively leveraged and has a very good 1031 exchange program.

This does not read as though its a smart investment on the surface, and secondly, there isnt a lender I know of that will lend on renovations that exceed the purchase price, especially a renovation that is 2.3 times the purchase price.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

it is technically a real thing but very rare, and there is plenty of historical data out there that shows those who have less skin in the game are at a far greater risk of default by a factor of 5-7x.