Six months is a good default for a full flip, congats if you can get it done faster!

Think of all the things that can go wrong and you want a way to remediate it in the JV agreement. we did this once and the partner never started the work after a year so we deemed the note in default and were going to take back the property but they ended up selling another property to pay us off.

Please post an update when they renew or default.

I see your location is Newark, not sure if that is BP default location or where the property is actually located. 

Both parties are bound to the lease and would be in default if they terminate prior.

That sucks.In general, I would think converting shares to a promissory note would not be a taxable event, but if the note never gets paid back, the note default would certainly be a taxable loss.On the other hand, you have probably taken depreciation.  

They take the phone book and slice it down by criteria that makes folks "likelier" to be a motivated/distressed seller (certain age, high equity, probate, notice of default, tax sale, etc).

Finally, not sure if this is just a coincidence but default and delinquency rates have shot up since May.

Does a credit card company say their cash flow is unpredictable because of late payments and defaults and charge-offs?  

Your payment is around $1,500 and the property is unlikely to cash flow, plus you are 100% leveraged and at risk of default.