I started this deal last October and I'm still working with my lawyer to acquire the title because his lawyer documented the quit claim deed incorrectly.The property seems to still have promise to possibly help me break even if I am able to complete the project, but I wanted to ask the forum for any advice for a newbie investor on what to do next. 

It has been there for 25+ years and there are presumably photos to document it.  

Fortunately there was a nice little element in the mortgage industry at that time that let a newly minted professional, right out of school, with no income history, qualify for a jumbo loan - The no-doc Alt-A loan.

Fortunately there was a nice little element in the mortgage industry at that time that let a newly minted professional, right out of school, with no income history, qualify for a jumbo loan - The no-doc Alt-A loan!

so it seems I shoulnd't do it if it is not fot 50K or more a 5-10K investment seems not worth the cost.since you mention carryforward loss forms, for both state and federal, since I use a CPA today, how do I know the history of the loss being carried?

The inspector that came out was very thorough and provided a lot of documentation.

And you'll need the QI to be in place prior to close because there are specific documents and addendums needed to the closing statement to reflect the 1031.Regarding the gain/depreciation calcs those will be easily summarized by your accountant on the form 8824 that they'll attach to your 2019 tax return. 

Reading up in forums and like the blogs around covering yourself with documentation before you deal with Independent Contractors (ICs).Unfortunately, some of the links to the sample IC contract seem broken now as they were a few years old.1) Is anyone willing to share any links to sample IC contracts, an Insurance and indemnification agreement, and a lien waiver?

If you are going to self manage, you can get all of your legal documents from Wisconsin Legal Blank. 

Documentation, documentation, Documentation.