Danger Will Robinson. 

The Caribbean is great to invest in but it does have its own dangers and drawbacks such as Hurricanes. 

Select your mentors carefully, they should have some business wisdom, they also need to be current because taking advice from an old guy still doing things the way they did  20 years ago, they are probably out of step and that can be dangerous. 

That is a MAJOR danger in RE investing.  

@Don Harris  this case you posted is a classic  SUB TOO equity skimming case.and why I always say SUB TOO for the seller is extremely dangerous and for beginners with little money and they do this it can get them in hot water like this guy as well.start defaulting on a bunch of SUB toos and you WILL have a problem.. some do it intentially IE get into contract rent house skim rents never pay on first.. knowing they are not on mortgage until bank forecloses them out.

Yes, it can be toxic/dangerous, but it can also be extremely common and natural.  

My point is that there are so many potentially dangerous unforeseen scenarios that could effect the two of you, that having a clear legal document should take priority in your evaluation of this "partnership". 

you found the deal partner puts up the cash you do not have.NO HML or lender is going to go behind a HUGE first with a small second that's lending 101 of what you don't do... you could find some sucker of course that has no clue how dangerous that is for them.If you don't have friends and family reposition and post and look for equity partner.. give some upside to get the deal done.. you don't want to lose it looking for some phantom lender who is not there.

I knew the dangers of bidding on a second lien and all that going in, but almost made a big mistake regardless. 

@Yousef RedaIf this is a real quadriplex (4 distinct units, not just 4 separate rooms in a house), then the minimum downpayment possible is 10% and this would be a high-ratio, insured, mortgage for an owner occupied property (meaning you would need to reside in one of the units).