It’s the most dangerous thing we do everyday, we carry liability insurance through our personal auto policy.

Yes, this can be very dangerous, we always use a licensed contractor that has pulled the permits.  

Ready REI insisted that these repairs were unnecessary however 1) there is no way that we could get the rent that Ready REI advertised without repairs and 2) without repairs, the house was not just dangerous, but also uninsurable.

Good advice but I wouldn't say the 3 bdrm 2 bath 2 car garage is in a bad or dangerous neighborhood.

Quote from @David Kanarek: DANGER !!!

I also think that if I can make all of my money back in 4 years with a cash out refinance, what is the danger?

You are entering a dangerous area. 

That is what often happens with many of these Co-GP's and gets dangerous when they are relying on their embellished track record to raise money from others.

And, being 23, raised in this world, I really don't care about substance, I care about making that $ yo!

I drive a Tesla… it’s a really fun car… but has so much acceleration you can get yourself in a dangerous situation if you don’t respect its capabilities… especially as a new driver.