Have a realtor take him thru a close document package.   3.  

Do you have any documentation on the "lock"?

Not only will you have the fee of $800 but you will have to file additional tax documents each year.

Our realtor has continued to have us personally sign all the documents as they have come in (home inspection, personal property sale, etc).

Also, I'm pretty sure it violates Frank Dodd or one of the other acts since you legally have to show/document that the borrower can reasonable pay back the loan.Sounds like you have a 5yr term loan with a 30yr amortization. 

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

But I can't help but think that I could benefit from the occasional discussion about real estate strategies or bounce opportunities off one another.Coach Carson's RPM program details below:Cost: ~$2500/yearBenefits (form Website):Personalized Coaching: Members receive direct support and feedback from Coach Carson and selected coaches, including monthly group coaching sessions, one-on-one "hot seat" calls, and small group coaching within Action Teams.Action Teams: These are accountability groups of 8-10 members that meet weekly over a three-month period to set and achieve goals, fostering perseverance and resilience among participants.Comprehensive Resources: Members have access to a repository of documents, systems, checklists, and more in the community swipe file, including tenant screening criteria, due diligence checklists, and rental analysis spreadsheets.Exclusive Community: RPM offers a private community of like-minded investors who prioritize time and freedom over scaling rapidly, providing a supportive environment for shared learning and growth.The Group Targets:Investors with experience owning 1 to 8+ properties, whether short-term (e.g., Airbnb), mid-term, or long-term rentals.Individuals who are coachable, hardworking, and value time and freedom over aggressive scaling.

And their loan documents will definitely work in their benefit if they foreclose on a property...

It's ok for their NAV/price to go up or down because all risks and future implication has been documented properly.

Is there a document that says they owe me extra if the utility bills get too high?