This is a pretty involved detailed question but they typically have a few metrics they lend on. 

So far the contractor has replaced a compressor (burned out) and the condenser (with a goodman rep involved, neither of which could figure out why as they are so reliable)New line set to go in today for $500who is liable for this and who can I talk to about it? 

I am looking to invest into a rental property (or multiple) and looking into financing options.I have 46k in savings and I also have the option of refinancing my current home and get 85k out.I'm looking at 2 properties; one is 150k close to where I live and it rents out for $1450/month and other is 108k in another market (3 hours from me, it would involve a property manager) and it rents for $1100/month. 

It is actually a better for your friend to have a signed rental agreement with the landlord, as it clarifies the terms for all parties involved.

What would be your risk exposure if your purchased the most recent certificate from the county?

This is one of the few reasons why some people choose to invest in multi-family; to spread the risk. 

Are you willing to risk getting paid on a good deal?

Now of course being a developer I risk the building plans and other cost Usually 5 to 10k per home. but that's just the cost of doing business and we pretty much hit 99% success. but there are instances were we lose money because permits are not going to be issued.. but again just little hiccup and easily eaten.When I am doing my larger developments.. 20 to 50 lots..

But Hello, as I come out of the shadows and get more involved in the forums.

We are under no false impressions regarding the amount of work involved and the bumps in the road ahead, so I greatly value anything I can learn here.