The other option is to restructure the partnership.

Hi BP members,I enjoyed a long ,successful, high paying career in the  Fashion business, but  recently found myself on the wrong end of a corporate restructure.  

First, that investor telling you of a minimum IRR doesn't have a clue, IRR is rather irrelevant especially to predict, no one really knows what the IRR will be until the future.If you're going to look at the IRR, that 5K isn't your total investment, it's an additional 5K you put in to restructure your financing. 

These would be 30 year fixed loans so no rate/term restructure after a 5 year window.These are the two most common forms of loans for investment properties that you will have access to.

I believe this park as is would have to be completely restructure, any advice would be greatly appreciate. 

As you grow and learn, than start stretching out and restructuring. 

If I'm the note buyer (in this example) then I could do what's called a loan modification with this person and agree to take past due amount and move it to the back of the loan, restructure payments so that current owner of condo can afford it.  

Any suggestions on how I can restructure this deal and really make this work, I really want his home he's moving out of state and wants it gone.

I don't want to have to back track after awhile and restructure all that I have because the inevitable (aka; Lawsuit) happens.  

They usually have to completely restructure the loan each time.