Every island is different, however I do agree with you at times there is a lack of talent and material.

More importantly, what if they claim an ownership interest due to doing the work or providing materials?

After all documents and materials have been delivered to PURCHASER, PURCHASER may cancel this Agreement for any reason, at the sole discretion of PURCHASER, within sixty (60) days after receiving all documents and materials from SELLER.

BP Diary BookThat was a mostly new construction project completed for around $60/sq. ft. with middle to high end materials in a nicer area in Atlanta. 

After reading 40CFR PART61 SUBPART M, I have come to the conclusion that this material can be disposed of as non RACM (regulated asbestos containing material) if removed and handled properly.

If a seller does have to disclose emotional defects, which ones and how much detail they need to go into again varies among locations.In Massachusetts, for example, the possibility of a property being “psychologically impacted” isn’t considered a “material fact required to be disclosed” to potential buyers.

Aside from that, does anyone have any references or materials that they can point to for further research?

Good "mid-day-coffee-break staring material".  

Hey guys, this deal never materialized.

Can we depreciate the conversion costs (materials or materials and labor)?