You have to make sure they are trustworthy, and vet them properly.

Lots of people in the Bay Area are selling townhomes and condos right now, because the “Cramped Covid Condo” lifestyle is not what they signed up for.

My friend then made a deal with his business partner to lend me the money privately with a 1 year balloon payment so that I could buy time to refinance and get a proper mortgage on the property.

I'd argue the opposite -- if the city was smart they would properly tax those rehabbed neighborhoods.

Like Dillon, its hard to tell what they have done, but the equipment is never going to operate properly as left from the previous company.  

. - Foremost ($2650)- Tower Hill ($1100)- Proper ($3900)- Travelers ($2500)- American Modern ($1350)Thanks in advance for your input.

This is what you get when for decades you pursue a policy of endless "California lifestyle" of single family homes and single-occupant automobiles connected by roads wider than any reasonable person, except for a traffic engineer, would ever conceive of.Our politicians are business owners and landlords too, of course they want to perpetuate the status quo.

Also, what techniques would you use to see if the flip was actually done properly and professionally and that corners were not cut that can be costly in the future?  

Properties on or near the water (TN has gorgeous lakes & rivers) are hot as people edge away from big city & Draconian Covid restrictive lifestyle.

I do not plan on renewing them but want to make sure I am giving the proper notice.