I went ahead and agreed because even though they are late, they always end up paying me. 

Hey @Ryan Haltom,I agree with the others.

Agreed with @John Underwood it is basically a job. 

So agree probably taking advantage of those that want to break into lending and your right 1 mil in CA is a drop in the bucket .. 1 mil in the mid west can be 8 to 10 loans not one like CA..

I agree that doing the walls, trim and ceilings the same color is a great option.

I agree with @Heather Cunningham ! 

With this particular partner, we've done 2 flips together and both times agreed on a quicker exit strategy.

Ok lets take a step back and please dont take this the wrong way or think I am being condescending however here is how loans go.1. you have the borrower  who I guess was introduced to you and is on BP and talks about doing JV s and deals etc.. 2. you agree to lend money on one of his/her projects.3. you identify the property and the amount your willing to loan.4. your borrower will open escrow so you get a lenders policy of title insurane and insure your docs are recorded correctly.. most will prep the mortgage or Trust deed but most will not prep the note they will want an attorney to do that.. 5.

Then call the city and report it.I agree with Theresa.

They apparently do not have time to verify permits (under what criteria units were added or that the work was even done with a permit).To the OP, I fear your property will consistently appraise low when obtaining HELOC or refinancing and that a re-appraisal will not reflect what you are seeing of homes being appraised with an agreed upon negotiated selling price.I am not saying this is the way it should work.