Or you can sell it, split the equity, and go separate ways.I'm not a fan of borrowing from family/friends unless all parties are honest and everything is documented in a written contract.

I just recently started a jiu jitsu academy with a couple of friends, and although I was not in the day to day grind of the process in finding a building and building the space out, I did become fascinated with the process.

Sharing this idea in case others can comment on it.I agree, the US is more friendly about receiving investments from foreignors.You are planning to move back to Spain?

I have always been fascinated with Peoria, though I’m not sure how investor friendly Illinois is.

You don’t have to be aggressive about it but maintaining friendly contact can go a long way.

High LTV purchased at retail (off mls) has large initial negative cash flow- regulations are tenant friendly.  

South Jersey more landlord friendly than North Jersey, but you have more appreciation in North Jersey. 

I will provide some thoughts on the San Diego purchase- virtually all high LTV mls purchases since rates started to hike have negative cash flow at purchase- historically great appreciation- historically great rent growth but recently flattening- prop 13 is great benefit for long holds- laws keep getting less LL friendly.

My first impression is that your numbers in the current economic climate seem a little rosy.I also have friends that are builders and I try to stay in touch with them on costs as we mostly do "to the studs" renovations when we buy a place. 

It probably be best as a friends-and-family type loan, but I don’t have anyone around me that is an appropriate lender.If I have to, I can put the funds in myself, but its inconvenient, and would come from investments that would need to be sold, taxed, etc.