In my experience with contractors, I have found several things helpful: 1) Have a third party act as intermediary to facilitate a meaningful meeting 2) Determine what exposures you truly have (legal, financial, etc.) and be clear in your own mind what you do and don't want to happen 3) Determine what leverage you have upon this clown.

There is little doubt in my mind that he saw a couple guys who he knew had some money, and was looking to inject himself into the business model to extract some of that money.2.

If the numbers are right and there are other items in the "plus" column it could be worth hanging on.There's really too many unknown variables here to give you a meaningful opinion from here, like: prices, rents, amount of cashflow and equity, your longterm plan...

If you were open to purchasing assets that do not have rental capacity, then the Universe (in terms of population of assets) that you are working with would include those types of assets which you could pull out the assets suited for the analysis or run the analysis on all and pull out the meaningful results.

Since he has a qualified disability, I would tap the resources in the community that provide guidance and counseling and financial resources that help individuals with disabilities secure meaningful employment or aid in establishing self-employment.

Changed subject to be meaningful.

If that property was an investment property there's really no way to extract that $20 of paper equity because you won't be able to get a loan above 80% LTV.

That extracts the most cash with the lowest payments.

Hard to offer anything meaningful if you haven't seen it.

If less equity, I'd be in salvage mode to sell, quickly, and extract what you can, while you can.