For reference, I have a building that produces around $45k NOI, including the ongoing renovations and I paid $335k for it. 

Unless it's illegal in your area for contractors to take on work without a license, or local code prevents a GC from pulling permits, the only real disadvantage is that the contractor can't be censored or punished by the licensing body, which usually takes the form of loss of license and fines.

I heard Tim Shiner speak and liked his approach of getting as many "doors" or cash producing assets as possible, while still maintaining a emergency fund.

If this needs to be a producer, and you can't take a rehab that goes over-budget, or a house that takes too long to sell, there are easier, more formulaic ways to make money.

When you have $10 Million to invest the main problem for most people is capital preservation rather than producing a large return.

I don't think the judge will be impressed when you produce a recorded call (in a state that requires two party consent).

To expand, with real estate investing, we are talking about income producing properties that hopefully cashflow and cover all expenses.

This values the property based on the income it produces.

I would sell and invest the returns in properties that produce better cash flow.

I started out wanting 120 units that would produce 200/Mo each.