The biggest benefits to a GOOD mentor should be open communication where you can ask "dumb" questions without judgement and receive meaninful answers in a way that you can easily understand.

With that said, I can access mortgage and judgement information about that property much more easily -- a non-licensed person would have to contact a title company and pay a decent amount for that info.

if the time comes when they sue you, be ready to hire a lawyer.consider this bridge burned.this is good advice.. right now its just saber rattling as it were.. it only becomes real if they actually file suit.. and get a judgement.. and for 14k  lawyer or not.. this usually does not happen.. one would want to see also if there is an arb or mediation clause in that contract..  

He is a friend of mine and trusts my judgement - neither of us would get upset if a deal went bad (we've already discussed possibilities of losing money, and how it will Not effect our personal relationship)

So, in Ohio we are experiencing torrential rains - in 12 years I've lived in Lima, I've never seen rains like this...specifically in June!

I'll never see a dime from him, but he's gonna get served and get yet another judgement against him. 

Go to ritzy clubs and "make it rain" $100 bills?  

Several months later, we successfully get a judgement on the previous tenant for $5,000.

It should be raining in Portland by then anyway!

As an investor you would not want these but most lenders absolutely require them, but if the seller is a first time seller finance they will most likely not even know what those are.Also do not do a contract for deed or lease option  Chris can you expound on the " Confession of Judgement" I have heard that term back east.. we dont have it on the west coast.. how does that relate to a RE Transaction ..