Your statement raises concerns about code violations and triggers 'red flags' for me.

As far as pulling the trigger!

Here's how he has it structured:- he finds the deals (key here, your strong asset)- he has a rehab team on the ready that he works with- he is active in local REI Clubs (yes a nice source of leads for you)- he is also hosting free 1 night seminar per week that caters to this topic- he then has investors on the ready to pull the trigger when a deal is found- he has set terms already, 90 day velocity, x% return on invested funds.

Did you get a lawyer lined ho for legal issues, and broker, real estate agent, ect team lined up before pulling trigger?

We've looked at a couple of different rehab projects there but haven't pulled the trigger yet.  

But about 6 months before you buy, I would seriously consider getting your real estate license so you are able to pull your own comps on the MLS for the property you decide to pull the trigger on.

Any modifications or improvements costing over 50% of the building assessed value triggers sprinkler rules..Also, and modifications within certain categories of work triggers the rules as well...such as upgrading a heating system MAY trigger the rules.It has become so bad many towns are putting the same rules on 3 unit buildings. 

I know that it might harsh to give up vacation for going to school, but you can not gain without sacrifice. 

Look for situations with multiple catalysts which trigger the necessity of a sale. 

My first understanding of the pitfalls of real estate came with some harsh lessons growing up.