That just costs you more money and time.As for how, just demand payment from any prospects before you run a background check.

Investors, (two of us) ultimately funded about 32% of the project with cash and additional money was raised from members of the local REIA, simply by word of mouth.

Which also means he may not end up with much money  back to the sell it all or cash out refi  Are you you going to try to have two insurance polices: (cousin a’s home owners policy and cousin b’s landlord policy?

That is what led us to believe it would be easier to sell and turn the money directly over into a new build. 

I am sorry to hear that and understand the pain of putting money into an investment property?

Have them give you contacts/referrals for some of their OOS clients, and ask them how it is going.If "anyone"asks for money up front, move on.

I would also want to make sure that either short term or long term rents can support the full morgage payment, since there is not a DSCR specific program geared to mid-term rentals yet. 

You can probably find case law supporting both sides for the same topic if you were to go to court.I would consider rooms with a few nail holes in the walls for pictures and such to be normal wear and tear unless your lease specifies otherwise.

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They make money and stay in business by taking your payments, and not paying out claims.