Then you've opened Pandoras Box and you instantly have the guys in the HazMat suits with fans and plastic sheets all over.....and a bill for $5000 for something you could have done for $50.I used to do this kind of work on the weekends when the city inspectors weren't driving around :-) haha , one time the hazmat guy come down to check for asbestos checking ; it wasn't that bad it's actually 2k and insurance company for that in my case.( To be honest, the house with water damage is good to buy because it scares the potential buyer, but if it's located in good location we could sometimes purchase the house with 10-30% discount lol but nowadays even FTHB knows this secret too so they still overbid the house )but yeah, to the OP, if you want to be sure you have to cut the drywall, the more the better.

More specifically, analyzing hundreds of pages of text in disclosure packets including inspections and advisories to understand the risks when closing deals. 

That looked like it had great potential, since purchase prices were significantly lower.

I 100% agree CPAs and real estate focused accountants need to be consulting on these when they are made and give advice to their clients on the implications for their potential investment into someone else's fund. 

I guess depending on future rates, cash out refi could potentially make a break even property finally cash flow all while taking out cash to buy another?  

I would be hesitant to put any money into a property during a redemption period as you would put your capital at risk if the property is redeemed or the sale is successfully challenged.Once the redemption period passes and the county issues the deed directly to you it would be safer to begin any renovations. 

My team and I are putting together plans on how and what we should do but I'm already thinking ahead of everyone's role and percentage of ownership in this potential partnership.

In Sunbelt states, where the housing market is particularly competitive, potential buyers are finding themselves priced out of homeownership, leading to a surge in demand for rental properties.

I am wondering if you got this question answered, my wife and I are looking at a 19 bed motel in our area, we are looking for help structuring the deal, calculating expenses and potential creative finance options. 

One potential red flag : allowing seller to make repairs.