With my apartments, I give myself 2 weeks for a worst case scenario.

I hope it's not too late to invoke the partner aspect, it allows you to be a lot more demanding in terms of your due diligence, and it allows you to not be the bad guy if you have to turn them down ("I wish I could have helped you but my partner said no and we can't invest any of our money unless we both approve the investment").To your original question, IF you decided to make a loan like this, I would see three options:Unsecured personal loan (weakest/worst/don't do it option)Secured loan - they buy property and you are the lender secured by a mortgage on property (better)Rent-to-own - you buy property and they rent from you with an option to buy (questionable esp w/ family, may be tricky or illegal depending on how structured, etc. and see next point re: owner-occupied)However another aspect is that since this would be an owner-occupied property, there are a ton of consumer protection laws (Dodd-Frank) that apply.

Menace to society that guy...Trust me, there are worst things out there.

I am in Atlanta currently, and over all, it is the worst preforming market in the US.

The take away from your example and this thread was the mistake of waiting for police to be agree with the tenants.

Worst case he refused to pay or starts looking for a new place to rent, so you decide what makes sense.At a minimum you should let him know what damage occurred and the cost.

I want to limit my mistakes, even though I am prepared to make them.

That could be another thread in itself, but also a mistake in hindsight.Show 2 really sparked my interest.

Hello everyone.I came across this site and decided it would be a good idea to join & help expand my knowledge to prevent me from making a big rookie mistake.  

But if worst gets to worst...let the current door stand.