However, mine is dangerous + it is at times morally/ethically questionable.

I cant believe they would allow that, still sounds dangerous!

And in other states like Oregon if you do any work to the home you need a developers license.. ( of which I am one LOL).. so blanket statement its legal every where without some qualifiers is a dangerous statement.

You don't; need a whole book really- all you need is:1) Figure out your income tax bracket 2) What Jurisdiction offer the right Tax Incentives that will drop your tax rate3) How to set up the right entity in that jurisdiction4) How to legally route the money through that entity through "form and substance" as approved by the IRS5) Get the right attorneys to set you up 6) Get the right Tax Advisors to file your taxes and voila you can go like me from over 40% in Tax per year (because I make a substantial income from rental and flipping) to 15% flat due to some tax incentives being offered by Congress through the US territory of Puerto Rico.

The danger in using a regular homeowners policy is the insurer may deny a claim as most homeowners do not cover unoccupied  rehabs. 

like to the point of the buyers being in the bubble danger.

So my question is besides legal, title and environmental inspection, what other contingencies would you require, and if we're "all in" on the deal, is there a danger to agreeing to a high DD fee to try to win the deal?

@Jason Eberhardt Now you are crossing the line and getting into the territory of issuing illegally unregistered securities to persons that possibly aren't accredited investors; a violation of federal and possibly state securities laws -- way to go!

Whenever we are involved in an eviction, emotions run high and it’s a very sad and dangerous time. 

I've now convinced my partner that it's time to actually start doing more investments now that we have enough experience to be dangerous :).My question is, we want to do a cash out refinance on the condo so we can get money for our next buy/hold property.