Increase time spent conversing with each lead that you get to learn more about how they view the property and implement reasonable changes accordingly.

Assuming this is in fact a good deal, and your friend is a qualified GC, instead of trying to be the lead investor, he should be searching for someone who has the balance sheet to take down this deal on their and be a transactional participant.

This can lead to "renegotiation" demands at the closing:(Other Potential Issues to Consider:Being in the chain of title is also exposure to potential legal issues.Selling an assignment may be a violation of a state's real estate statutes.Wholesaling w/o a real estate broker's license may violate your state's statutes.I'm sure there are more...

What you have described sounds like a real estate  race to the bottom and you will be in the lead .

TLDR: Pre-approval seems like a good thing but it can lead to lost bookings or a time sink (has anyone spent less than 20-30 minutes on the phone with VRBO trying to fix something??).

Got the lead from the cold calling agency I use.

I do think that the cross over involvement could lead to some assets or funds being garnished from the other businesses for investors that lost money in norada capital management because of this. 

Once a month may be difficult for some borrowers and lead to strain on advancing the project.

If your realtor is listing it for free and not helping, that's not much help since leaving you to screen tenants and run through leads is like asking you to perform knee surgery, you don't know what you are doing.All rental listings should get bombarded on Zillow Rental Manager and HotPads, etc in the first week so if you have limited activity, your price is either too high or the photos are bad and the copy about the place is bad.Use something like RentSpree from screening.

If you don't report the income, it could lead to an audit.