It was a pretty straight forward breach of contract claim.

He had to pay his deductible and the cost of the new pipe, but they paid for the concrete cutting & replacement, drywall, paint, etc.

The short answer for flipping is similar but farther extreme;  buy even lower and cut a bunch off the expected sale price. 

I buy them directly from the owner, cutting out the RE commissions. 

Cut all of your expenses as low as you can and look into moving the credit card debt into a 0% interest balance transfer card or account.

Certainly, if someone who is already on the GP team raises funds they will have that in their favor as the GP pie gets cut, but what if we have another colleague who has contacts (who we don't currently have a relationship with) who are interested in coming in on the deal?

Being an out of town landlord, I needed someone to help keep contractors straight, help pick up supplies and keep the jobs running.

Don't make decisions emotionally when selecting tenants and never cut corners!

My syndicator criteria - they have significant experience in the asset class, they're trustworthy straight-shooters, Syndication structures - From a numbers standpoint, I look for double digit cash on cash and mid to high teens IRRs.

A lot of my friends who went to college repeatedly changed their majors and overspent by going straight to a university.