It may not be for the mom and pop with a property or 2 on the side to help with their retirement.If I have a big tax year, I can fund defined benefit retirement accounts to help offset current year income and have other options like a solo 401k, but for the most part you'll want to keep rental income as passive as possible to avoid SE.  

Define a tight criteria based on factors we discussed (rehab margins in my case)  and look for listings that fit the criteria. 

When you study risk you find that it can be defined using severity and occurrence.  

My understanding is that the year of construction defines the code compliance unless the job requires permit (addition, kitchen, etc).

They'll want a defined exit strategy.I think your best bet is to talk to a local bank and see if they would write a portfolio loan.Assuming that they're losing their lease (thinking that's the reason for the 60 day deadline), you might see if another local church would timeshare with them.

Again, some of this isn't about trying to define the "path of progress" as much as it is to scratch off the "path of implosion" areas. 

. - Quite honestly, on our first 2 rehabs we did a better job of hitting our rehab numbers and we were above the 1% rule, which I do use as a guideline for my target area (which currently is defined as properties within 15 minutes driving distance of my personal residence). 

You may be able to insert a prepayment clause with a penalty or define a set time before the note can be refinanced away in the contract.  

I'm happy to take partners into some of my larger deals, but the partner will contribute capital and maybe have a very clearly defined role (that can be replaced if the partner flakes out).

Ask five real estate professionals to define "square feet of gross living area," and you will get eight different opinions.