He's an expert.Know that right now you will not get a lower interest rate than you had in 2018.  3% is not an option, especially if it's a rental now, so find a good broker that originates in California and find out what the rates are doing and how the numbers shake out. 

The point I am making here is that there are some serious unknowns now that may or may not shake out in November after the election.  

I don't want this to sound mean, but I'm laughing over here...and shaking my head. 

Both of these approaches can be great and it depends more on how you want use the property and how the numbers shake out.

They shake like a 5.2 earthquake and the systems hold up fine.

A hand shake agreement with a handwritten contract is super risky and ownership could never properly transfer.

Don't let this person shake you down because they realized they missed an opportunity. 

Go to your local REIA club meets and shake hands, share business cards.God bless you in your efforts bud!!

I've been in properties near train tracks and the property literally shakes when a train goes by.

You put your cash in, and take your cash out, you put your cash (back) in, and you shake your profits all about...It doesn't work if the words were.