First off, I found a mentor who this person and I do Joint Ventures together since I am working on building a "war chest" so I can close on my own deals.

Guidance on areas which I should be aware of and cautious is much appreciated.

It was far from being a war zone, it was all rented, nice people, but was a C or C- neighborhood.

It's not really my goal to obtain thru the liens, but accept and am aware of the possibility. 

Just be aware that you probably won't be able to finance it. 

I'm well aware of the property search website, but I don't have an address - that's the whole point of getting the list...

Be aware that you cannot use hard money for money that needs to be sourced or seasoned for a conventional lender.  

@Ken CollinsI'm not aware of such requirement.

Since i haven't used a 1031 exchange yet, I wasn't aware you couldn't escrow the proceeds to the next investment without taxes.If i understand you correctly this is because a flip is a short term investment and a 1031 can only be performed on long term purchases?  

Prior to purchasing property I was not aware of the additional expenses that should be considered based on various investment rules / gut checks and having completed the purchase I am looking for feedback on the deal and am looking for opinions in regards to if this was a "good" deal or not.