The investors that do submit non-contingent offers understand the risks involved and usually have a plan in mind to deal with any surprises that may arise. 

Are there opportunities that will arise from Hurricane Florence passing through and all of the massive flood damage?

As it stands now, I will continue to sing the same song, same verse every time the occasion arises.

A rise in steel costs could cause a rent hike in apartment and condos to make up for the increase in construction costs.

If this is interest accrued IE no payments .. then when is the balloon payment.. and what are you options if the home has not sold by the time the due date arises. also one lady in Atlanta who had well publicized issue with this company.. said that she had to front the rehab costs and then wait for reimbursement.. and that became a challenge since rehab contractors usually need money up front.. and wont wait for the draws.. 

I also prefer the team atmosphere, "a rising tide lifts all ships" or something like that right?

Third question, what are the rules on kicking out the type of individual that I have previously mentioned, should issues arise?

The issues that can arise with lack of practice too can lead into trouble.

I am unsure of the possible complications that may arise from the legal conversion process from Rectory to SFR (or even ideally MFR!)

(b) The information referenced in paragraph (a) must not be entered into any shared database or provided to any person or entity but may be used when required as evidence in an eviction proceeding, action for unpaid rent or damages arising out of the tenancy, claims under section 504B.178, with the consent of the tenant, or as otherwise required by law.Subd. 3.Liability for rent; termination of tenancy.