I'm fairly new to the site (been browsing for a week or so) and haven't landed on exactly the information I'm seeking, so I thought I'd post my questions instead.

I want to leave on good terms but paying extra 15 days for uninhabitable living conditions doesn't seem fair.

While a closing agent is not required to tell you everything they know, they do need to answer questions that concern you, so just ask...In this case however, the seller was your mentor, so you had knowledge of how the guy operated, at least the types of transactions he used and seems to me that in itself should have been fair warning in dealing with him in the first place.

FEMA seems to step in in big disaters with assistance as well as states (I know, Cali is busted), the uninsured and underinsured survive but those with insurance fair better I'd think.Retro fitting your house might be worth the pound of cure, to a point and anyone you talk to will likley be doing a sales job on you too. :)

Would that be fair for a fifty fifty partnership?

As to how much, a steak dinner to 10% of the deal, what's it worth in all fairness?

Certainly geographically speaking some local economies will recover and fair better with jobs and unemployment than others.

I did it once, consider myself fairly competent in rehabbing, and it was not very difficult.

I am fairly new to buying and holding and this news is very disturbing to me because i need some cash for some other flips and holds.

If you go this route, you absolutely must get an appraisal to make sure you're getting a fair deal.