Then, once the repairs are made, if you spend more than your initial settlement amount plus your deductible, you can recoup some or all of the depreciation that was initially withheld.Your deductible is always your out-of-pocket expense, so that does come into play, but again, once the repairs are made, gather your receipts to submit to your insurer.

You know what is really amazing to me is having part or all of your loan being non-recourse.  

We can renovate some or all of the property or not.

That means, you can only wear one hat during a given transaction, and most importantly when others know you have your appraisal license and then ask you about their homes value or price and you offer advice, you might in fact just have given them an oral appraisal and you would need to follow USPAP as it relates to record keeping for that assignment.The bigger questions is why would you want to take all of those classes for appraisal (very expensive) and then study for that test (not easy) to do a BPO?  

There is no cost and no obligation to using anyone that speaks at the event, but you may end up wanting to add most or all of them to your support circle when you begin investing. 

I assume your inheritance is mostly or all paid off.  

Then segment the roles into a "sub-job" the goal is to eventually be able to hire someone else to take on most or all of the responsibilities of each job. 

I'll just shove the whole thing into the wall cavity and cover it up.

If you do decide to buy I would push back hard on the seller to reduce his price by some or all of the taxes owed.

Presumably you'll have something in writing between your partner and yourself beyond an oral agreement right?