I'm asking specifically for land lords that are only late on taxes but not in foreclosure yet.  

My hope on this specific condex was that I could rent the first unit (questionable if it is "liveable" though it is owner occupied now - he's in preforeclosure) to cover the mortgage, while fixing the back unit.

But these rules are specific state to state and sometimes even county to county.  

I know it's area specific, but does $5K to re-do flooring for a 1,500 sq. ft. house seem reasonable? 

I've chosen one specific domain to play within (MF apts) and 2 main markets, but can't seem to bridge the gaps to close a sale.

Money is mainly what I am looking for, but more specifically enough passive income to be free from an 8-5 job.

Talk to a local attorney who knows the specifics on each step in your area.

I can't speak for construction specifically, but a lot of times in fixed price contracts you want the contractor to have the chance for extra profit.

The other financed properties reserves amount must be determined by applying a specific percentage to the aggregate of the outstanding unpaid principal balance (UPB) for mortgages and HELOCs on these other financed properties.

@Antoine Martel Do you have specifications in the JV agreement about handling the mortgage then?