If you want to wait for the market to crash to buy cheap, then don't plan to buy in rapidly growing cities.

If you have good contractors they're worth their weight in gold.

It’s a very light weight fixture but that’s doesn’t sound like the solution.

On a purchase I know if it meets certain requirements you can write off of big chunk of the initial purchase in the first year that you buy a car for business purposes (it needs to meet a certain size/weight).

I see you’re from Grand Rapids, do you have property in the area?

Know exactly (or at least try to) what will happen if someone isn't pulling their weight or wants to leave. 

What big ticket items are inspected by an appraiser and hold the most weight in determining the ARV?

@Chris Ellis  Let me preface this response that I have not sold a multimillion dollar home before but also keep in mind that I am not even sure there is a 30 million dollar home in Grand Rapids, MI. 

Hard money loans are primarily asset based, but each lender will put weight on different factors.

One investor comes to mind, we set up his Checkbook IRA with about the same amount you have for your son, he invested in tax liens and was able to grow it pretty rapidly.