If he just keeps throwing tar and caulking at it and hoping to find the leak, I would go call in another roofer ASAP to get an estimate on fixing it.

IF there is a recession not having the house of cards that is debt will put you in the most secure position, however just having the ability to purchase will probably be enough because in a recession sellers would have a harder time selling properties and in a true recession you wouldn't have an absolute ton of competition from cash buyers like the case is now.

I am not an expert on all of the securities law issues, but I have seen gifting of interests in syndication deals to a limited partner's children (cannot confirm that they were minors). 

If I become a Co-Borrower on a loan secured by a property that I intend to exchange into, will that prevent me using the 1031 Exchange?

The DOT secures the mortgage/note and outlines the foreclosure process in Texas. 

You can also try Pierce Redmond at Security Mortgage Group (http://www.securitymortgagegroup.net/).  

There are so many buyers (aka borrowers) looking to buy investment properties outside of their market but are struggling to secure commercial real estate financing because banks are not interested unless the borrower is in market with the property. 

A hidden asset may be found, but a protected asset is a more secure one.

Many just throw numbers out and end up stuck having to cut costs somewhere to make up for it to make a decent profit.

Get the inspection or walk away otherwise you are throwing the dice and taking all th erisk.