Should I expect/demand the contract to state that I will be guaranteed return of my initial 15% investment, as well as, the 15% return? 

The 45 calendar day ID period runs very fast. 

@Justin HerringtonWhile Thorold does not give a maximum occupancy per dwelling unit in a direct manner, it appears to define any building providing lodging to more than four (4) occupants as a boarding house:“boarding house” means a building in which lodging is provided for more than four (4) persons in return for remuneration or for the provision of services or for both and in which the lodging rooms do not have both bathrooms and kitchen facilities for the exclusive use of the individual occupant;In turn, they restrict a rooming house or lodging house (but never marry definitions to that of the boarding house) as follows:Where a dwelling unit contains rooms intended to be used in conjunction with a rooming house or lodging house, the occupants may share a single bathroom provided that: (1) not more than nine (9) persons occupy the dwelling unit; (2) for each additional nine (9) persons or part thereof, there shall be an additional toilet, handwash basin, bathtub or shower; and (3) access to the bathroom can be gained without passing through: (a) a habitable room of another dwelling unit; or (b) an open area, which is not normally heated during the period of the year which heat is required by article 2.22.3 of this by-law.So, it appears to come down to whether boarding houses are permitted where you property is located (and whether they need to be specifically licensed), unless your building would be seen as a non-conforming duplex.This is the question, I believe Thomas was asking.

There would also need to be an agreed time period for the investment (for example 5-10 years).

I dont consider these areas to be a real problem because I am likely to have to deal with a lot of problems in a 4 decade period and flood can be one of themTo your successJosh

In a normal retail transaction this is usually after the inspection period is over and everything is good.

In Real Estate as in any industry that involves sales you are going to get teasers, people making it seem impossibly good like offering an 8 unit apartment building for $39,000.00 Who would not love to buy at that price but when you call they tell you , " Oh that was a typo and the building is really 1,039,000.00.I have found wholesalers much like most regular real estate agents do not provide accurate ARV, repair figures or potential gains figures, they also will put in a disclaimer that there is not guarantee of accuracy and buyer is responsible to do their own diligence. 

If your inspector is not familiar or unwilling to help w future code issues I would suggest contacting the village during your inspection period.

Thanks,Mitch Hi Mitch - there is no waiting period if financing into their portfolio product.  

Right of First refusal just means that you have guaranteed the person the right to buy the property first, should you get another offer on it.