My suggestion is to either follow Charlie's advice above and have your friend find an experienced lending attorney (which is not a real estate attorney) but only if he or she will also help with the origination, or locate an experienced licensed hard money lender, local to your area, to help originate your friend's loan.An experienced lender will have vetted paperwork and should be able to explain the process to you and to your friend, including all the pros and cons, insurance requirements, reading/explaining a title report, etc.

@Charlie Fitzgerald I've seen the Land Contract and am working on getting a copy of it right now.

If you want to learn about investing read A Random Walk Down Wall Street, The Intelligent Investor, or research Warren Buffet and Charlie Munger.  

- Charlie

@Charlie FitzgeraldThanks for your input.

@Edward Salazar, Many factors come into play like Charlie McCurry mentioned...

thank you so much for your help @Charlie DiLisio and @ed mats@Charlie DiLisio what was the wiring called exactly ?

thank you @Charlie McCurry!!

If there is any equity at all in the building - you could have a reserve public auction - maybe ask the HML to finance to buyer or let them assume your loan.I auction 100 buildings a year - it is a great way to find cash buyers.Good luck ----- Charlie

@Charlie DiLisio @Brian H.