Review their management agreement.

Review their management agreement.

One thing I always remind people is it does not matter what is on a powerpoint presentation, the deal is dictated by whats in the PPM, operating agreement and subscription agreement. 

However, another factor was that the septic tank was shared with the neighbor and there were no written agreements in place as to who was responsible for expenses.

The two of you would need to sit down with an attorney together and have a partnership agreement drawn up.

As we work in Chicago, we structure our agreement around these concepts.

In the event we are more than 30 days late on payment the agreement becomes void.

Did they give you an agreement or contract that you signed?

Are the other parties to the agreement the property owner sharing the well and maybe an HOA?

I came across one of these loan agreements online somewhere a few months ago, can't recall where I found it but it was clear in reading the loan agreement there was no language referencing the loan actually encumbering real property, it was just an unsecured loan.