Need more details.

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

Our current lender is offering us 170K cash out refi ( I will be researching this in a greater detail ).

However (to go into detail requires a separate post), that's not quite the correct course either.

Yes, had to go in more detail with my answer. $5400 comes with too much risk and wear and tear on the property. 

Keep in mind all this stuff is uber regulated, very detailed, far from simple.

Your friend should include as many details as possible concerning how they were pitched the investment in the prom note.

Quote from @Anderson Banegas Cerrato: Scott, appreciate the detailed response!

Thank you for posting that very detailed experience.

Additionally, I've been spending a lot of time evaluating condo / HOA management solutions and accidentally stumbled on ManageCasa, which offers a free trial and < 3 unit free tier that has allowed me the time to get in, kick the tires, and really appreciate their attention to detail and broad feature set that adapts to each unique industry sector.