If solid comps are showing 120k, you should be good, "if" you have solid rehab numbers.When I run numbers for a flip, I take the worst case scenario on everything, then if I still have 20k profit(after commissions, holding costs, insurance, closing assistance) I will proceed. 

I would simply prorate the cost and bill the lost warranty value back to the tenant.

I am new to the community, working on acquiring my first small multi family property, likely through syndication depending on the scale of the property and associated costs.

I would do research about the process of getting licensed in your state and what costs are entailed, then see how you feel!

(Question 1)My friends expressed concerns about Steve potential retaliation, maybe in ways that I might not be able to directly identify him for (e.g. causing damage to appliances in the common area and I would have no way of knowing who did it.)

I’ve got a contractor for that who then looks over the report and tells me what it’s going to cost to repair the things that I deem necessary.

Within the city can be a challenge, but surrounding areas within an hour have a lot of potential.

Factor in an eviction cost and expectation if needed when you are looking at numbers. 

Market fluctuations, maintenance costs, and the complexities of managing tenants are aspects that require careful consideration and planning.

You can also bill them for the additional costs for leasing agent, listing, etc if you have any of those.