Do you think he takes on debt ?

Do they want to be debt or equity?

It really frustrates me when I see people asking, "Should I pay down debt or invest in RE?"

Producing cashflow from purchasing debt or originating it on properties.

Does this sound like I’m getting too far into debt or could this just be the start to building a nice sum of equity that will help me buy a turn key ready property in the future ?

Ok, start with the basics:PropertyEquityTitleInterest(s)OpportunityOnce you've determine the merits of pursuing this property as a super-bargain, you'll need to find a way to either buy the asset from someone who has the ability to pass marketable title, or buy the debt, or control the equity.Before you skip tracing randomly, you need to determine who should be your target. 

I searched this site and saw other similar questions, but everyone’s situation is unique. I have some “bad” debt. It totals about $15,000, so not horrendous, but I still hate having it. These are approximations--$2...

STandard promissory note .. do you have a mortgage or deed of trust to go with it to secure your interest.this is called gap funding and the rates are quite a bit higher than what they are offering.also if this deal does not go well do you personally have the money to pay off the loan take the house and finish it or sell it or if the first went bad would you get wiped out because you do not have the money to pay off the first.Personal guarantee's are worthless.. in 99% of cases  if it comes down to you having to sue on the PG means your going to spend big money with attorneys to do this and the debtor 9 times out of 10 simply files BK.so that's the other side of the coin.. the rest is how much U trust them and how much money you have to protect yourself. 

Other Options: Pay off all your debt, or have a family member "gift" you the money (CHECK IRS RULES HERE)Have a co-signer on the deal.JV with someonelease purchaseHard Money (ABSOLUTE LAST RESORT, they don't like lending on OO properties)Probably a couple more ideas around...Good Luck!

Collections on all debt must follow the law and the Fair Debt Collection Practices (rule can be read HERE) will dictate further correspondence between the creditor and debtor.