. - Prop 13: My family suffered from this big time on a property on Gulf Shores Alabama.

Two questions here:1) A friend wants to invest with me and doesn't just want interest for the money he's putting up, but rather to reap the benefit (or suffer the loss) of the venture.  

Do you have to wait for them to leave and do this "between tenants" or do they suffer through the process and get compensated somehow?

He is an electrician by trade and I have picked up a lot from him in that field and also other skills that is just on the job landlord training.Recently the family business in one of the mixed use commercial areas suffered a fire and we had to move the entire business to the vacant commercial property in the other building.

Meanwhile, A properties get hit with negative rent growth and concessions but don't suffer as bad in terms of turnover, delinquency and evictions because they can attract the good tenants that still have jobs just by lowering the rent and undercutting inferior properties. 

I would hate to make a mistake and have my wife and child suffer because of it.

And even though I’ve assisted many investors in my area, I’ve unfortunately like many, suffered great deal of analysis paralysis on my own real estate investments.

I learned a term recently  Tenants at sufferanceUnder this term you can give a 3 day notice to quit, read more here: http://www.justanswer.com/real-estate-law/7plu6-i-m-california-property-squatters-not-tenants.html "...how much notice to be given to a tenant at sufferance?

Even if the volume is still there, the rate will suffer, IMHO.

Seller financing is an equity based loan, look to the UCC as to default of installment contracts, they become void, points or loan fees are not charged on equity financing.......I said not charged when I should say, should not be charged as I'd bet sellers are not in compliance, they can just lose their note and suffer any consequence that goes with unlawful lending.