I practice this myself and recommend the same to clients. 

But most of the stuff you can learn from youtube and the right amount of concentration/practice, and there's stuff I enjoy like anything related to woodwork/carpentry. 

Most of the time once you crack $75,000, it's either related to additional structural components (opening walls, relocating windows, etc) or very high end finishes/appliances.(2) Baths: $20,000 minimum (each).

I'm just trying to figure out if this is a healthy financial practice or maybe an indication of something gone wrong.

So your clients will get economies of scale and lots of practiced expertise.   

The intentions were good but in practically, this will result in one big piggy oink fest with everyone glomming onto the "free" money. 

I think you can list it but it's just better practice to wait.

I have been practicing real estate taxation in Texas for over 20 years, and I do not understand what your attorney means by an association being an alternative to a partnership.

What is best practice from an insurance/liability perspective to protect myself? 

Hello @Jeremy VanDelinder,   I'm located in Los Angeles (relocated from Houston a couple of years ago) and I'm currently looking into doing a BRRRR on a fire-damaged property; This would be my 3rd rental, but the first fire-damaged one;  I definitely see the risk of getting into this,  but the potential benefits can be well worth it..with this said, I wanted to ask your expert advice if possible in regards to my inquiries below: a) When walking into a fire damaged property (SFH) to do an initial assessment, what would you say are the key things to keep an eye on and look for ..