Sounds like there may be active termites; seller should have to pay to treat them. 

I am investing in real estate without the need to put in 20%+ deposit, He pays the monthly mortgage which im not liable for, I benefit from appreciation..

I won't make any profit on it, but he's paying the bills and our hope is that he will buy it from me in 1-2 years or we'll keep it as a rental and he'll buy something else.

So, when a tenant can't pay their rent, rarely do they tell the truth.

We "lose" money on a cashflow basis, but completely comfortable with that as this is more of a 2nd home that renters help us pay for.

Hopefully you did not pay too much for the dirt. 1 acre is optimal these days because of desired double to triple drive thru for QSR.It can become a problem because if they make the building smaller you get less rent but they do more sales.Example a QSR used to be 3,000 to 4,000 sq ft but now instead wants double drive thru's as not many go inside for fast food like pre-covid.If you get 1,000 a foot less at 30 a foot you just lost 30k NOI and now at 5 cap example paying all cash NNN once developed you have lost 600k value.It can fine as long as you do not overpay for the land.

That’s about what I pay, and Proper is fantastic for STR coverage.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

We "lose" money on a cashflow basis, but completely comfortable with that as this is more of a 2nd home that renters help us pay for.

The good thing is he did listen to me and did exactly that and confirmed the leak was due to installation of that RTU, but only on 1 side (Carlisle denied to pay for this sor we paid for the repair).