Proper structuring with professional guidance is key to achieving both parties' goals.This post does not create a CPA-Client relationship.

Good quality of life, good potential for appreciation over time, and an area that is unlikely to lose its draw for young professionals and college students for future tenants.

The only way to know it is to have someone experienced review it.The article must have been written long ago, before 2018, when this 2-yr rule existed.

This was due to asbestos abatement, sewer line replacement, scope creep, and poor planning.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As a new investor, you should be looking to put together a strong, experienced team to help you side step any landmines you are bound to run into.

My contact has been non-communicative and I'm wondering if he's experiencing cash flow issues and just trying to bide his time, or if there's a deeper issue and he's on the verge of bankruptcy.Any advice you can provide for this situation would be GREATLY appreciated.

Overall I would recommend talking to other investors or professionals  familiar with the strategy and having a solid system for tracking material participation.  

@Fiona Layne-GerminBeginner-friendly strategies for building long-term wealth include house hacking, buy and hold rentals, BRRRR Method, real estate syndicatations, rent-by-the-room strategy, short-term or mid-term rentals, and partnering with experienced investors.

NOTE:  there may be some tax on interest or principal on the payments--seek professional advice.Also, stress there will be no inspections or other contingencies--sell the 'peace of mind' side of the equation.You have known each other for 12 years and you established you are a great payer. 

U can explore but if you actually want to do a project like this you will need to bring in someone who is experienced and bankable.