As for properly collateralized performing notes in Vegas I think those are quite safe.

But I do have the knowledge, and the tools to perform those tasks.

There are three safe harbors that businesses may use to meet the test.Half of the amount the business spent on services were for services performed in a QOZ.Necessary business functions and necessary tangible property was located in a QOZ.Half of the hours of service received by the business were performed in a QOZ.A business does not need to meet all three safe harbors to qualify.

We have found that setting our expectations about what we want is helpful (financial performance, level of renovation we can handle, forced equity opportunities, number of bedrooms, etc) and then waiting for a deal to materialize. 

Quote from @Jon Martin: Beautiful machine!

Note I am not stating I find this ideal, but if an operator has outstanding performance record, I may be able to tolerate sub-par communication.  

Or that the remodel wasn't performed by a licensed professional. 

It creates over-leverage and the performance of one property is dependent on the other.

So you’d be ok coming out of pocket another $130k and paying $780k for this property if the builders fail to perform?

So bottom line they got away with it and are living in a beautiful safe clean country.