I've not been involved in a transaction of that nature.

Smaller loans are typically recourse in nature.

This is a "prohibited transaction" because it is "self-dealing" in nature*.

If the tenant doesn't respond by paying rent or vacating the property, the next step will be to file suit for Unlawful Detainer and the eviction process continues to it's natural end of the owner regaining possession of the unit.

As to date its $212k to build and I naturally give quiet a bit of wiggle room.

Curtis , that works sometimes but what I found is that human nature will prevail in the long run or when there is enough money on the table and without a legal obligation to pay you, eventually someone won't pay and when that happens you get a bad taste in your mouth that is hard to get rid of.

The questions I have would be of a private nature.

I learned to be even more skeptical than my natural sense, since it seems like almost nothing the broker or seller tells you is accurate or complete.

So naturally I ask him when he would start on the next building.

and the nature of your leverage; fixed 30 yr mtg?