The internet has enough inforation in it that you only need a mentor as a guide through the easy to miss details and the rough patches WHEN YOU HAVE A DEAL ALREADY.

https://en.wikipedia.org/wiki/Straw_borrowerOne way that I think this would work to protect yourself is for the two of you to form an LLC and have the LLC purchase the property and obtain the financing, with you providing the personal guarantee.As far as using a 15 or 30 year mortgage to perform a flip, hopefully a lender will chime in on whether that will hurt you from getting another mortgage in the future.

If you look at all successful people lives, they been through very very tough patches in their life. 

The primary reason you see so many bad PM's is that they don't charge enough and then when it comes time to actually do work they aren't willing to work for free so they end up performing sub par. 

If the taxpayer materially participates in each rental real estate activity, his/her losses are fully deductible, and the $150k threshold no longer applies.It sounds like you are familiar with the test, but I will restate it her for the sake of completion.At least 1/2 of personal services in all businesses for the year must be performed in a real property trade or business and rental real estate.The taxpayer must spend more than 750 hours in real property businesses and rentals in which he/she materially participates.Both must be satisfied.  

Ask the agent if that's something they feel comfortable performing for you or not?  

If the Murphy bed is removed, the wall would need to be left in good condition (Holes patched and painted) If the sellers can't do that, then they have no business removing it.

However at the moment I have the opportunity to purchase an already high performing property.

Was contacted about buying the non performing note and I have little to no experience in the area.

Look to performing loans as a more passive path.