Worried for his own safety (the wall separates our house and his), he approached our contractor and asked what was being done about the wall.

As for plan B, I guess they're still counting/betting on the market condition heading up for at least 2 years, plus the high return (given those are executable numbers, just like you said) as a safety net.

Be patient and make sure you have a great plan put together and you follow that plan.Chris

Not only a safety issue, but noise and smog.

Be patient.  

Maintaining = asset management :)Just making sure repairs are done when needed, be sure of any safety hazard, and the likes.You and your partner should open up the firm, but do not collect rent until your partner have the license.

Right now, I am taking more time to brush up  and organize / automate our personal finances and build more cash cushion / safety net.  

There’s quite a bit you can learn just by physically looking at the property, and when something looks wrong it usually is.For occupancy I’m typically looking at fire/life safety concerns and non-permitted work.

Besides a home inspection clause, what other "safety nets" can I use to protect myself to be able walk away?

I calculate: MPP= ARV-FC-profit-rehab-safety netie 66k=120k-12k-20k-20k-2k66k=MPP120k=resale value12k= fixed cost when using no mortgage20k= my desired profit20k= a very very rough estimate of rehab on a "level 2" heavy cosmetic rehab2k= just because I am going to make mistakesRemember, this is not about a particular deal it is about what $range$ of deals I should be intersted in if i want to be ALL IN for no more than 100k All in all my conclusion boiled down to purchasing for around 55% of ARV and my MPP being 66k and under. any thoughts and notes are much appreciated!