Put another way, you'd be diving into a complex profession with no experience, massive risk exposure, and no support network.

Each person has to decide the risk/reward of how they want to structure their investments.

Risk/Reward needs to be appropriate.

You have to look at each type of coverage and see if the risks outweigh the benefits of coverage.

Yes, but unless you have a written agreement, that's a risk you take.

The guy I am looking to work with is a national icon in the entrepreneurial world and knows what risk is.

Without operating statements you are left making an educated series of guesses to arrive at a number representing your risk in the purchase.With every single step you take in this always remember you are buying a failed business.

They wouldn't carry the risk, even though I have a rehab loan that would pay for all of the repairs.

Your risk exposure as a flipper is similar to that of a builder and as such you need to operate through an entity to limit your exposure.

Can I view depreciation write offs as a no intrest, no risk loan against my future appreciation realized at the sale of the property because of depreciation recapture?