Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Discloses the nature of their "Principality" in the transaction (Article 4) and is able to bring a TON of cash to the problem.Your Untrained, NON Realtor® Investor is ONLY able to look at the Seller's property through one view.  

For ease of conversation, lets say that all the work is done correctly, it all looks beautiful, and everything came together perfectly.Can I get some input on the pros and cons of this approach?

But that's the nature of cycles. 

Its the nature of this market.

So I have a question (really more of an accounting question) but since many of you are shockingly savvy and have been involved in many deals i'm hoping to glean some wisdom from people who have maybe been down this road already or been involved in a deal of this nature.

In working with insurance companies I've found that they rarely cover mold issues as they consider it long term or chronic in nature and their policies generally only allow flames of acute or emergency situations i.e. plumbing breaK or leak, wind, fire, tornado, earthquake, hurricane, etc.You may think it's a good deal now but once you start digging into it it's like a dentist digging into a cavity.

So I connected it to the 2nd floor unit with a beautiful staircase, put in hardwood floors, and stored some really furniture and a big tv up in the various rooms.  

@Jasmine AndersonThanks beautiful.

And moreover, my father is eager to be involved.That said, it's my first deal, and naturally, I'm anxious about the outcome.