You're going to need to get your license(s), you'll need to carry liability and workman's comp insurance (which gets VERY expensive) and you'll likely need to be bonded in whatever jurisdictions you work.Not to mention all the business setup, licenses and accounting issues.Not saying it's a bad move (my GC -- Aaron McGinnis from BP -- is a big-time investor and runs a GC firm), but he'd likely tell you that it adds a LOT of complexity and overhead that will make learning to be a rehabber even more daunting.

The judge set her bond at $2,500.

I have heard several people comment about the networking, team building, and overall bonding that is possible on the golf course.That, or just have a couple kids...

It is more about giving my word than a legal issue.When I look you in the eyes and shake your hand, my word is my bond.

With the Fed Funds rate at all time low, even highly leveraged company bonds only yield ~5%.

You're looking at 14k max in labor for a full blown company with licenses, insurance, and etc not just contractor's bond minimum requirement by the state; just go with that, and buy the materials at homedepot or some sort, more miles on your credit card.

You could go over budget and your also loosing lots of rental income due to the home being under renovation for a lengthy period of time.Lastly, if you purchase a home that does not need all of this work you will be able to leverage much more of your money.

Generally, a survey is not required for legal descriptions using a plat and lot and block title for the description, these are in neighborhoods, such as Lot Seven Block Eight of Riverside Subdivision, Orange County, ..... if you have a meets and bonds description (100'  East, 40" South, 120' Westerly.... you may need a survey.Title insurance does not cover "area or content other than that shown by a proper survey" and lenders will want that coverage if it is not platted by lot and block.Another issue, encroachments might be suspected, but can only be shown by a proper survey and title insurance will not cover such matters not shown and rarely if shown, depends on the encroachment. 

Roughly:Purchase price $70kRehab: Estimated $35k, Actual $50kRent: Estimated $1320/mo, Actual $1400 (was able to raise the rent to $1500 within a year)After Rehab Value: Estimated $120k, Actual appraisal $150kEstimated Cash on Cash 10.3%; Actual = ~infinite (because the loan was for as much as I had into the property)During my analysis, I was evaluating the estimated CoC in relation to other investments (bonds, stocks, stock options).  10% is an okay number but not really better than the stock market.  

Sounds to me like your PM doesn't intend to do anything about it UNTIL the Tenants' advanced Bond is all used up!