There is mouse poop in the refrigerator, holes in the walls, some of the outside wood paneling is covered with a sheet of plywood (maybe it used to be a door?

It is where you control the deposit you put up; communicates your “out clauses” to protect yourself in the evident you can’t find an end buyer.

Insist on work and payment request verification independent of your partners - i.e. don't let the guys spending the money maintain strict control over who it was going to and for what it paid for, even if you have to be the independent verification service yourself. 

I figured that the fence was erected to control animals, but the party that erected the fence should have had a proper survey performed beforehand and then placed the fence appropriately.

Focus on the things you can control.

As the NOI should be growing over time (more rents, better expense controls), the value would improve. 

The secret is to have some control over your desires so that you can live a good, affordable life.

Stop worrying about things you can't control... and focus on what you can.

If you own rentals in a tax defered account you have to have a check book control account.  

Secondly, the rent control issue in Los Angeles.