I was involved in real estate investing in the Phoenix area in the late 90's and up through 2008.  

Fred website shows vacancy rate was 11% in 09 and for those buying 5 caps assuming 5% vacancy, are betting on perfect conditions for their loan term.

@Sam Crochet Your best bet for a small deal like that will be a private lender. 

No verbal understandings allowed where money is involved.

As I mentioned I am specifically involved in the multi-family space.

Since I buy properties for less than 50K, HELOCs are the best bet for me.

@Gary Thompson If father in law just wants a loan and interest, rather than being involved in the risk and the reward then he should just do the hard money interest rate.

I second the recommendations on here to just ignore it and don't respond - you don't want to make any kind of commitments to him to have it looked at and then be held on the hook for that.If he's serious he'll get his lawyer involved, but until that happens I'd just block the phone number.

There are many ways to do this deal, depending on the needs of each party involved.

Either way, the fire has been lit and we are actively getting involved in the REI world and meeting other investors and are ready to just get in the game.