He can't tell me of any other investors in my area and he says they have two brothers:  one a surgeon and the other an NFL from player who have put millions into this. 

The only type of sales job that qualifies for REPS is real estate sales, under the definition of brokerage.Below are the 11 categories that qualify.real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage.If you are full time in sales, then it is unlikely you would qualify.

I agree with @Joel Owensso if an investor insists on a lower cut for the sponsor, are they not taking the risk of a less experienced sponsor.Be sure to put a cap on your heart surgeons salary.I personally think that professional athletes are paid too much.

It's a 100 year old home, although city records state a permit was requested for water/sewer line re-construction in 2005.

Teardown - probably 1-1.5 years and then move in.In either case, the place will be vacant until repairs or reconstruction is done.

The cumbersome aspect that you can expect here is that you've already begun demos and reconstruction, what that means on an appraisal is that you "might" have devalued the property from where you believe it is.

When a surgeon graduates, he's ready to operate no?

Re establishing a paper trail, I think we probably could reconstruct it as we personally know nearly all the workmen who did the work.

From a recent AI study: https://arxiv.org/pdf/1705.08807v1.pdf"Researchers predict AI will outperform humans in many activities in the next ten years, such as translating languages (by 2024), writing high-school essays (by 2026), driving a truck (by 2027), working in retail (by 2031), writing a bestselling book (by 2049), and working as a surgeon (by 2053).

She was a surgeon and apparently worked a lot of hours.The construction crew fired off their generator at 7am on their first morning, even though no work is allowed to be performed before 9am in this resort.