In our area, it was impossible to buy any property that would actually cash flow as a rental after 2003, so everything was speculation on appreciation, and everyone was saying, It can only go up.

Lenders don't like speculation. 

Would you recommend going 50/50 on it with the same speculative appreciation play, or pass and just take a referral fee for giving him the deal?

@Robert AdamsI didn't include appreciate / depreciation because I didn't want to speculate on the market in my area.I did not included taxes on my income.

I suppose thats what speculation is all about right.

I would even be willing to speculate that a majority of parks that are sold for less than $1mil have seller financing, though I have no hard data on it.

It seems you're speculating some things, which is always a deadly mistake in the short sale world.

That money is not appreciation or speculation it's real money that your tenant is giving you.

Moral of the story, you will get suggestions but only if you provide details so that we can give suggestions based on those details and not be left to speculate on what it is you are trying to talk about.

However that same lender is a little more reluctant to finance some new development flips I'm doing because they view it as purely speculative, which it is.