Once you get a piece of property under contract, then you're outsourcing all of the entitlement work to experts and basically managing that part.  

You're basically trying to find out if the seller is in a tough spot OR need a few days post-closing to transition into their new place- Would the seller be open to _______ (insert terms, condidions, concessions, etc.) - Would the seller prefer to sell the property with the current tenants? 

You email some questions about lease end dates they never respond, basic info they should already know or easily be able to get from the seller.

Was the change in performance expectations that compromised trust or was it the fact such a basic diligence item went unverified leading the LPs to question all other assumption's/diligence about the acquisition?

I have a basic contract, it doesn't carry any dust protection description, just notes demo.   

I like the concept of keeping things simple.I would buy the property separately without your friend.It might sound fun doing a business with a friend but a business arrangement is almost like a marriage.One issue that I can see is the timing of sale - who gets to decide when to sell the propertyHow much time will each person spend?

Only a wholesaler would even bring up the concept of wholesaling; the general public does not even know this exists.

This concept applies to many walks of life, but property management is especially tough if no one in your circles has experience.I'm pretty new to rentals too (and BP, haha, hence the lack of presence on here).

I have an Excel model that takes basic inputs which includes 1 set of projected PITI payments and gives me an incorrect estimate of how the property will perform every time.

For the basics of apartment insurance and umbrella total is about 5200, despite a high deductible.