We plan to bring along a colleague who has expressed interest in working with us on a deal but he has no real estate experience.

Awesome post Michael - it speaks to so many things that I am often try to express about realistic goals and expectations for investments.

I realize the use of the word "typical" is loaded please take it to mean usual or common.Scenario:Property Value: $125kLoan Value: $100kLTV: 80%Rate: 12%Points: NoneTerm: 15 monthsCollateral: 1st position leanQuestions:Is the interest rate expressed in terms of APR or something else?

(Love that expression).  

I have started my pre-licensing coursework for becoming a Buyer's Agent in Arizona, so looks like I need to invest in some kind of Rum delivery service for my study sessions!

I agree with @Wayne BrooksI would tread very lightly, but also express your concerns that you never called an inspection and if he could come back when you call it in and have more progress?

Hello,My realtor has come across an investment opportunity that they would like to partner with me on. (50/50)The property is pre-construction and as of right now we are having to deposit earnest money with delivery being expected about a year out.I was hoping to get some advice from the community as to how I should structure this partnership legally.

Like split it up into thirds.Then, if you charge on the Lowe's Business account (there are several accounts that qualify), you will get $20 deliveries.

He also expressed to me that working with the realtor has been less than enjoyable and at this point he just wants to sell and be done with it ASAP. 

There is an expression from Abe Lincoln that gets thrown around a lot on this site, it is "If I have 8 hours to cut down a tree, I will spend 6 hours sharpening my axe".