Tell him to buy you out like a proper business person or pound rocks!!

CA law carries very little weight as precedent in my state.

I kept getting talked into taking PM jobs at startup construction companies every couple of years, and I couldn't deal with the weight of building someone else's company without getting any of the perks and all of the stress.  

Either they really need it and will not give back down payments because they can't afford to, or they realize they've found a sucker and can't wait to cash in on your ignorance.I'd say chalk it up to a win, as you learned more about doing proper due diligence before signing the dotted line, and overall this lesson was extremely cheap compared to the price that others have paid when breaking into real estate.Best of luck in the future!

I’m unsure how to properly approach, so I usually say “I was looking at a property in the neighborhood to purchase… are you interested in selling” (Paraphrased).

I'll glance at the Zestimate, but don't put much weight in it.

That said, @Richard Burke there are proper ways that rules (especially antiquated rules) can be changed.

Except for the unscrupulous wholesalers that try to re-market property already for sale at a higher price, proper deal sourcing and problem solving does take a ton of work!

It is fundamental for me to comp properties properly. 

In my area the money earns up to 1% per month (interest is only paid on the starting bid, anything over is dead weight) while also giving you the opportunity to get a property with the lien.