As long as the proper forms are filed/ recorded, agency is disclosed, and no one feels some shadyness is going around, you are good.2.

Please keep in mind that I am not intimidated by rough neighborhoods at all as long as it is not a complete warzone and/or can’t cashflow.5) With the back taxes and rehab costs combined, is this even worth undertaking or should we just move on? 

Or they are month to month and you want your property back, regardless of the reason, as long as the lease is expired and you are evicting for possession you can do that. 

Its not terrible as long as you find like-minded or at least laid back tenants.

So you also think that as long as I separate business assets and personal assets (like wise people suggested earlier in this topic), I should be able to keep my properties if my business fails (goes into bancruptcy)?

Again, I don’t think your friend has anything to worry about as long as he makes the proper effort to occupy (have seller give the 90 day notice) and follow up. 

As long as you're still getting good deals with built-in equity, that mitigates the risk because even if the market goes down, you still have a cushion.

Purchase price sounds fine as long as rehab doesn't go beyond that.

If you do decide you have to utilize a Reno loan, plan on it taking twice as long as you expect (mine ended up taking 90 days to close). 7.)

As long as you have the 60k upfront to put into the deal !