I've gone rounds on this decision however because of the exact reasons you are looking to invest there- the market there has been and is primed for continual growth and expansion.  

He needs the money for another business venture and his business partner is putting pressure on him to make a decision.

This is essential.You should ensure that you fully document the reason for your decision to have your IRA write off part of the loan and accept a lesser amount as payment in full.Typically, your custodian will accept your instructions to "sell" the note (accept a reduced payment in full and take the loan off the books).

It's not just a financial decision, ia

A Residential Mortgage Loan Originator will not only provide the seller/lender with information so that he can make and educated lending decision but it will provide the buyer/borrower with a transparent transaction limiting future issues.

This hep to make informed decision on the deal. 

Wayne I plan on renting it only...thank you for making up my decision and thank you for taking the time on Sunday evening to help me out! 

Commercial properties are worth the amount of income it produces that's why you must see real numbers in order to make an informed decision. 

For example, if the deal is really weak you'll have to delete tiers and slide up the splits to deliver an attractive return.Your experience and investor relationships will also drive your decision on the structure.

Also if they appeal the decision it will be under "all CCL courts".