As far as pulling the trigger!

Here's how he has it structured:- he finds the deals (key here, your strong asset)- he has a rehab team on the ready that he works with- he is active in local REI Clubs (yes a nice source of leads for you)- he is also hosting free 1 night seminar per week that caters to this topic- he then has investors on the ready to pull the trigger when a deal is found- he has set terms already, 90 day velocity, x% return on invested funds.

Did you get a lawyer lined ho for legal issues, and broker, real estate agent, ect team lined up before pulling trigger?

We've looked at a couple of different rehab projects there but haven't pulled the trigger yet.  

But about 6 months before you buy, I would seriously consider getting your real estate license so you are able to pull your own comps on the MLS for the property you decide to pull the trigger on.

Any modifications or improvements costing over 50% of the building assessed value triggers sprinkler rules..Also, and modifications within certain categories of work triggers the rules as well...such as upgrading a heating system MAY trigger the rules.It has become so bad many towns are putting the same rules on 3 unit buildings. 

Look for situations with multiple catalysts which trigger the necessity of a sale. 

I did get a good deal on the loan (4.375% 30yr fixed) and the lender has said that this is what triggered the holding account.

Most importantly though, once you decide to pull the trigger in this, that is if this is the route you decide to take, don't forget to come back here to BiggerPockets and ask for advice with each step that you take. 

You will trigger a breach and the lender could accelerate the loan and call it due.