Hi Lending gurus,I am working on some remodeling project where we need 50K and I want to lend that money where I am also 25% partner.My questions:  I think I can prepare a promissory note and get it notarized and get sign for remaining partner, is that correct or there is better way.How to safeguard my interest/money in case things go south, I know them very well but still. what should I include in agreement so I can get paid principle and interest timely and get late fees/charges in case installment not paid on time.I think I need to issue 1099 INT for 6% interest I am going to charge.I want to keep this simple without leaving myself exposed Any template or clause needs to be added.Let me know.thx/

Here anywhere from 30-40% of the houses are sold for cash sight unseen with no contingencies.

I would not go that route.Put the 20% down and let the tenants pay down your mortgage and reduce your principle.  

We have a lot to learn, some of which will come in the form of hard lessons, but we have built a successful business using several of the same principles and we believe we can find success in this endeavor.I can't wait to circle back to this thread to confirm that the offer was accepted and then we can iron out the details and start working on implementing the processes and policies, as that is where we thrive!

Right down the street are the Bromley Heath projects, where I wouldn't walk in the daytime - and certainly not unarmed.That said, MFRs in JP are out of sight. 

I made a deal that they would rent from me at about cost (including principle payments) (mistake #2) and they would purchase the house from me in 2-3 years.

On the one hand you have your business principles, and they dictate that fair is fair; you don't pay, you can't live here.

I really believe that the Pareto Principle applies to rentals, landlords spend 80% of their time on 20% of the tenants.

  :)   I can't believe the seller was that greedy and short sighted!

Can the driving for dollars principle be applied to a primary residence?