So let's just say $700/mo was essentially wasted.

Biggerpockets has the Ultimate Beginners Guide which is essential to read.

I consider it was an extraordinary experience in terms of learning but essentially on profits made in a pro business environment country with solid and clear laws, both for tenants and landlord.

Essentially, if we have a total loss on the last day of renovation, I'm covered for the amount I could lose (basically my maximum all in amount less a conservative land value).

Having a good scope of work and proper monitoring of contractors following the plan and staying on budget is essential but only provides the outline for the expected not the daily unexpected that's the reality of rehabbing. 

Essentially just cosmetic type stuff.

The only reason that wouldn't happen is if the borrower gives you a Deed in Lieu of foreclosure - essentially signs the house over to you. 

Regarding the risk, I see it as essentially the same as being a landlord.

@Abel Curiel  It's essential to have an attorney form an agreement prior to purchasing together.

If your c Corp pays you the essential net income on the property, what’s the advantage?