Need Help Please ASAP for Recovering Funds

[Ron Steele]

I partnered with a local attorney on a commercial building deal. I invested 20k and he held a majority stake. I was very inexeperienced when I did this deal and all though he is a respected guy I think he took advantage of the fact I didnt know as much as I do now.

Long story short the project has taken 30 months since I have invested and he has just closed on the property. Needless to say I don't think he is a scammer but misrepresented a lot of the things. Again he is an attorney and I dont think he would risk his business and reputation on a small amount amount relatively speaking. There have been to man excuses and I've grown tired of it.

We have talked and I've asked for my money back but he just is always trying to educate me on how the deal will be good. I just want out of the deal. We have a contract of my interest in the deal, but knowing what I know now its not very good.

I just want out of the deal. I've asked for my money but he just tries to talk about how the deal is good. I want to know what should I do from a legal perspective that would be a firm statement that I'm not playing around or wont be swayed, but at the same time won't go to a lawsuit initially.

[Dion DePaoli]

@Ron Steele

It is difficult to give you any meaningful advice since you really didn't share any meaningful details about the structure under which you and the attorney entered into.

One of the only bits of information here is that the it seems you put capital up around $20k. The actual purchase of the property took place 30 months later. Almost 3 years? I am not sure what the longest record is for escrow, but this has to be towards to the top of the list. What happened here?

What are the mechanics (agreements, arrangements, etc) on how you delivered your capital to the attorney? Are you in a JV agreement or did you invest in an LLC or are you simply on title?

We understand the idea that the attorney thinks this is a good deal and for some reason the deal will "come around". What does that really mean? After 3 years, the deal has not 'came around'? Are you rehabbing? Need to lease up? What sort of building is this?

Well, those are just some quick easy questions. Moral of the story, you will get suggestions but only if you provide details so that we can give suggestions based on those details and not be left to speculate on what it is you are trying to talk about.