I'm making too much money in RE, you could not afford me.

It was a super-tight deal profit-wise for me anyway, but I assume I have no choice now but to back out?

Would you: A) Sell the lots now at a discount, take a loss but at least get some money back out to try and redeploy elsewhere. 

@David C.About once a year, I post about finding some absurd amount of money inside the wall of a foreclosed house or behind a water heater in a dark basement.

The old saying goes, buying is where you make all the money, so if you are buying..

Keep the money for the days it was vacant (ie if you rent it Aug 1, then you keep 1 month's rent) and any damage that you had to repair. 

Hopefully, if a "friend" asked to borrow money from you, you'd check if he had the disposable income to pay you back.As for your accountant, that's up to you. 

One transfer of money from a personal account to an account associated with the property and you're toast!?

Separately, I use apartments.com to collect rent, security deposits, bills, etc - also free for you as the landlord and the tenant.Third - to write off items for taxes, I'd check with your CPA but in general, it would be anything you spend money on with that property, including mileage going there.Best of luck!

While my wife and I have a good amount of private capital, I would want to do this deal with someone else's money and my sweat equity.