This guarantor, who may be an individual or another entity, will be responsible for the difference between what is owed to the lender to make them whole and what has been recovered.If the lender makes the loan to an individual (natural person), this person is implicitly the guarantor via the note, and no separate guarantee is needed.

Quote from @Account Closed: Hey guys,I have no experience but after looking at all my options I have come to a conclusion that my best move is to buy land and develop multi-family apartment building (15-20 unit) 2 story somewhere between Miami Jupiter.Budget for everything 3MDone with cash + 6% line of creditLooking for long term holdI would love to hear any insight on what areas I should look at, ballpark of build price (hard costs and soft costs) and would love to network with anyone in the area on this.ThanksIf you're looking to develop a 15-20 unit multifamily building with a $3M budget between Miami and Jupiter, there are a few key things to consider:Land Budget: Aim to keep land costs around 10% of your total budget.

Quote from @Chris Seveney: @Joel BarjonThe servicer of the loan should send this to you.

This doesn’t change with your borrower’s LLC.

As a good son, I would spot check the property managers' projections by doing my own research on VRBO/Airbnb/AirDNA to see what I think similar rentals are doing. 

Quote from @Garrett Brown: @Gabe Chase haha we are just the Spiderman meme now at this point!

I would have a CRE attorney help me write something into the lease about abandonment. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

Yes, it's easy to ask you these questions after the fact, but you won't succeed unless you carefully review your mistakes and learn from them.Not sure I agree with your statement, "RTR knew they’d messed up".

Quote from @Corey Gelineau: The inspection contingency is used to legally back out of a contract due to the property being in an unacceptable condition upon inspecting the property.