The property deteriorated so much after 3 years of neglect and vandalism and squatters that Dallas County ordered a “tear down” order and leveled and cleared the property, slapping on a municipal lean.  

If he has a heavy interest at 15/16 I would be curious if there is entry level or internships for him to get into, whether that's with a wholesaler, agent, property manager, etc.

Assuming it will be Single Member LLC (you as a member/manager), it will come back on your schedule E anyway, so only thing you loose is $800 in california and bit more of paperwork but that preps you for future.Note - this is a very high level advise and mostly a personal preference. 

Tenant shall be responsible for any property damage caused by failing to maintain utilities or report utility problems in a timely manner.Tenant Utilities: ______________________________________________________________Pass-through Utilities: _________________________________________________________Utilities included with rent: ____________________________________________________Propane: If applicable, Tenant shall return the propane tank level to at least _______% upon termination.

Just a FYI be prepared for it to sell at a discount,Jay- I have seen people buying land notes for 12%-15% yield which is CRAZY and they are going to eventually lose their shirt once they go into default and the land value is repriced.Thank you for the info.

Curious to learn options for ease of set up and $ hard costs (Think about it like Tier 1, Tier 2, Tier 3, with Tier 1 being "just fine, it works" and Tier 3 being "Pro-Level with Pro Prices")Thank you! 

Additionally, the commercial financing is very different at the professional syndication level.

However, this introduces a level of risk to the equation because now, as has been mentioned, instead of going to $0, you could end up negative big time! 

Just as there is times of buyers market, sellers market or level market, there is times where it's a SFH market, Small Multi market, and MFH market. 

Its certainly not "guaranteed return" - thats a word to always stay away from in real estate (in finance or even investing in general)high level - its because HMLs are going to be secured by the real estate, meaning in event of default, the lender can get the property to be made whole - somewhat trust is involved, but thats the main mechanism behind it