Stay active on the forums and keep us updated on your progress.

When I did the investment in draws, we put it in a joint account so they can see the money is there and they will send us pictures ( so we can see the progress ) when they need to draw.

Made two phone calls and got the local guys to come over today to inspect all of the pipes and give me an assessment of the system for....... 1/4 OF THE PRICE! 

If the roof were to need a replacement and the building didn't have enough reserves to cover immediate repairs, you would need to come up with the assessment fee x 11 units to pay for those unfunded repairs.

In my opinion, this is one that is somewhat difficult to assess from a virtual message board.

After doing that little exercise, honestly assess how long you plan on keeping that property.  5 years?  

I wish you the best of luck as you progress.

I understand the basics of business and hope to get better as time progresses.

Maybe offer to walk him through the rehab process as the project progresses?

I'll provide semi annual reports with bank statements showing my progress accumulating the refinance monies and also detailing what work is being done to the property and/or ongoing maintenance/upkeep.