From estimates received from contractors it might be a maximum budget of $30K to do a garage conversion where I'll rent it out as a 1bd/1ba for about $700 monthly or make it into an AirBnB that can average $2k a month.OR use the 30K to use as a downpayment on a new property with a mortgage but I feel the profits would be less in this market along with the rising interest rates.

But if you're saying they had a licensed contractor fix it or inspect it and state it's working properly, but you think it's not repaired correctly, you can call the contractor as there is usually a warranty, which is why most agents demand repairs are made by licensed contractors so you do have some  protection if it's not done correctly.  

-Ability to read and understand most contracts and financial documentsWhat I need:-Money to fund deals likely 400k-1.2 million for first acquisition-Multifamily Experience for the loan and to make raising the money easier (probable possible without, but much better with)-Net worth and Liquidity requirements to qualify for the loan-Experience in turning around a value add in 12-18 months successfully -Experience in Underwriting deals and due diligence-People who are very good at organizing and systematizing-People who excel at operations and administration-People who have a great understanding of construction and contractors (Boots on the ground is a huge plus)All honest feedback is greatly appreciated.Thank you!

First contractor shows up demos half of the property and takes off for the next 3 weeks.

My thinking is that hiring a lead certified contractor to handle the mediation of Lead should be hired solely for the gut job, and separate GC company should be brought in for systems and finishing touches. 

They will have a contractors board and will know the best people to recommend. 

As a rule I generally assume expenses to be 50% of the gross income for my first look evaluation no matter what expenses the seller reports (unless its more than 50%, then I will use their number.)From there you can get into more detail on what type of capital expenditure budget the property might need depending on what physical condition and what strategy might be best.As far as due diligence once the property is under contract, or maybe before in some situations you will need a much more exhaustive list.

Talk to a contractor and figure out if any upgrades will be needed to comply with the building code.

He states numerous times about how he saved money fixing something himself rather than going to a contractor to have it done (Duh it's cheaper that way!) 

Check with a local contractor who has done many re-adaptive use projects.