Where you can get tripped if you aren't careful, is that you may lose street smarts.

That said, there are a few very smart, experienced notes people who post here. 

As a realtor, I subscribed to Get Smart Charts Pro.

Don't give up - just take your time and be smart about it - Laurie

Ah yes, disruptive technology.  

Be smart, be alert,  consult experts, and do the right thing. 

While I respect you're opinion on it, going around another investor may seem savvy to some, but all actually it's just plain shady and not particularly smart if you live in a smaller market where others can mark and taint your reputation.That said...I've already discussed this with the seller and my back up strategy is to assume the mortgage myself and partner with another local investor to do the rehab on a 40/60 split.  

I wanted to get the opinions of all the smart people on this forum on whether the rest of the stained drywall really ought to be removed (to prevent further problems, e.g. mold), or if it would suffice to just to let it sit for a little bit longer (i.e. to make sure any possible moisture is dried out)  before applying kilz and painting over it.

Then you start rehab and as work is completed, you get additional disbursements to pay vendors....if the bank is smart, it requires lien release/waivers to make sure there are not any partial payments.If you run out funds before the work is complete, you pay the rest out of pocket or try to borrow elsewhere.  

I get weekly updates from Cobalt, and last week I heard the rate on investment properties was around 4.75% and seems to be trending upwards in the past month.I have a smart and creative mortgage broker that I've been working with for the past couple of years.