Is there anything specific I need to look out for to make sure the problem is taken care of properly i.e damage to the structure etc.

I had recently met somebody who said they were looking for a 4 or 5 bedroom house on a contract for deed in Midtown area MNPLS and that they had 10k to put down. If I do find an investor who has a property available ...

Not necessarily for the actual default but in the future, if you don't properly disclose that default at every turn, you have committed fraud.

Most of these appear to have been very poorly executed.The available space after creating proper wall heights yields about an 800 SF studio unit.

., who don't live there, when the standing rule is it must be submitted through the association management (to ensure actual owner or tenant photo), then association should submit it to lifeguard.

Teaming up with a licensee, and splitting the commission somehow will ensure you don't lose out on this.

As others pointed out, the credit partner would probably see lower credit scores with the increase in debt, and cash reserves would be required with each additional properly.

It sounds like you did do some basic interviewing of the contractors but you may have to take things a step further next time to ensure something like this does not happen again.

While I agree that a good property manager is a must, as @Chris Clothier mentioned it's still imperative that you visit the property regularly to ensure that your interests are being looked after, and this alone eats considerably into your cash flow, not to mention your time and energy.

As a contractor, I know that sometimes you have to pull everything back to find the damage and repair it, otherwise, you just have a money pit that keeps sucking up all your resources, and never is what it could have been, had it been repaired properly.