These incentives allow him to make more money the faster and better job he does and clearly defines roles that fit our individual area of expertise which keeps us happy and not doing the parts of the job that ultimately we don't like or more importantly not good at.That being said my RE business operates the same way (and yours can too). 

The standard for habitability is generally defined as the minimum required by your local jurisdiction's building code, which addresses the health and safety concerns of tenants.

I do not have my target market defined and I need to spend some time defining who I want to target and how to market to them.

When investing from a distance, you need to first define criteria then examine 10 or so markets to see how they fit that criteria.

Several states are now defining wholesaling as brokering and are requiring RE license to wholesale.

You need to complete the portions of the work before you can request a draw for that item.You need to check with your lender on defining the draw items.

On the DC council, there were council members who didnt want to it to pass, but voted for it anyways because there constituents were so in favor of the regulations that they had no choice.Also near universally accepted with STR's is that they are defined by stays of under 30 days.

It can be difficult to find performing notes with enough upside for both you and your other investor to make a decent profit (and with a performer, there is often no clearly defined exit point).

You'll learn a lot of things defined as "what not to do"...which, although important, not valuable at all if you run out of money...and still don't know what "to" do.Keep looking, and learn how to find markets (not properties), how money works (strategies for moving money through deals), and don't start moving your cash until you have a plan. 

How do you define abnormal wear and tear and lack of maintenance?