In 2003, while working in corporate America someone suggested Rich Dad Poor Dad to me.

You may be required to honor these kinds of implied agreements even without them in writing.

Quote from @Polat Caglayan: Can you give me a few examples of where and what kind of investments I should not make?

Anyone have experience putting these kinds of opportunities in front of investors?

I plan to kindly follow up with collecting.Trust but verify - I looked it up & there was a news story about itAnyone know of any resources out the there to help him in the short term with rent? 

As Jay said this kind of litigation can drag on for years before being resolved.

Lemos:  Interesting.. does not sound like a secured interest in the note.. kind of like how Peer st. had their partial interest done.

Good luck getting your asking price - sounds like a great project.Have you looked around to see what kind of inventory is available for your next purchase?

It kind of seems like you are looking to call their bluff but that only works if they are raising rents above market and you have an alternative. 

it doesn't make sense unless it's some kind of short term thing like a BRRRR - is that what you're looking at?