(I am a silent investor, the developer is doing all the heavy lifting, and we split profits at the end)It sounds like you’re being really strategic here, which is smart.

You’ll want to get really familiar with local zoning laws, short-term rental rules, and landlord-tenant laws as they vary by town if you plan on going the STR route.Focus on Cash Flow Early On: You might be tempted to go for something that appreciates quickly, but in the early stages, it’s important to find properties that bring in cash flow.

"Something in the door" doesn't sound real in my opinion.

The property is paid off so you have options.Based on what you’ve shared, you carrying the note sounds like a viable option.Have you considered seller financing?

It sounds like you had a terrible manager.

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

I dont know anything about this company but it sure sounds like and advance fee scheme.

You want to talk to friends and family on this, I don't know anyone who would see this on the Internet and be like, yeah, this sounds like exactly what I am looking to do with my money.

The cop sounded lazy or dumb to me.

Definitely sounds like an interesting asset class.