If it's the principle of the thing then sue him in small claims court.

My objective is to identify the bad actors and kick them out.

Also, when you finally do talk to sellers you have to be able to handle any and all objections with swift responses.

etc.. see what works best for you, your market and your personality and business objectives.

For example, accounting classes will help you understand the accounting principles that you will use every day.Good Luck,Mike

He has stated that his main objective is to assist me in eliminating my personal debt and get me into my own home w/in 5 years, sooner if possible, and that profits on his end are secondary to him (I know, amazing friend).

I know that's a no-brainer, but its what the ENTIRE concept of wholesaling is based on.Price overcomes ALL objections.But the markets slow and the mortgage industry is falling apart, well price overcomes ALL objections.

Many of us kick in on a 15 year mortgage to pay principle and interest off early but not when I'm 70.

Should I just take that 31000 and put it towards my principle so that I only have to pay the bank back $15000, and eventually be debt free so I can take the money I pay on mortgage every month and invest it?

Anyone who has made a successful career of real estate investing anywhere beyond 3-5 years and has been successful in both up and down markets employs these principles.