I'm going to give a verbal warning followed up with a text message describing what was talked about so we have records if something bad happens. 

This would likely be a bad investment in your position. 

If you have a bad feeling about someone or fear they are going to steal your idea that is not a partner you want to be presenting to. 

If you were able to pull out $500,000 in existing equity out of a paid off rental and disperse those funds to acquire 2, 4-unit MFR properties and had the income to support any future CapEx and the interest payments on your HELOC ( including the extra income to paydown the loan ) would there be any " gaps " or problems I'm missing in this situation where it would be a bad enough idea to not go through with acquiring more properties through a HELOC on 1 of 5 properties you own?

@Rud SevCap rates in NNN deals are influenced by factors like tenant quality, lease terms, location, and lease structure.

Long story short, I am in a bad financial condition as of recently.

It's more numbers than which neighborhoods.Keep in mind that Realtors really can't tell you this is a good place and this is a bad place. 

@Roger Garner all of the above give you great ways to find GCs, but HOW will you screen the bad from the good?

That doesn’t mean they’re bad tenants—many are just trying to provide stability for their families—but it does mean you need to be extra diligent with screening.

So, they shouldn't be stuck in a bad situation. 2.