I am also an appraiser that works with local and out of state investors make connections with local investor friendly lenders and property managers.

At the time, house prices were at an all-time high.

Do they have an extension policy? 

Do I call the county, do I contact an attorney, etc...

I am an agent in the area, I am shooting you a message now 

Ok lets take a step back and please dont take this the wrong way or think I am being condescending however here is how loans go.1. you have the borrower  who I guess was introduced to you and is on BP and talks about doing JV s and deals etc.. 2. you agree to lend money on one of his/her projects.3. you identify the property and the amount your willing to loan.4. your borrower will open escrow so you get a lenders policy of title insurane and insure your docs are recorded correctly.. most will prep the mortgage or Trust deed but most will not prep the note they will want an attorney to do that.. 5.

The property will have to stay under his name because of the interest rate, so How can i make him happy, make an investment and have some cash flow for myself ?

If it comes from your cash, then it's an added cost. 

You an use this if you are either looking to invest passively, or, if you are raising capital, refer back to it, and focus on these three pillars:The biggest mistake I see passive investors make is they focus on the deal, what's my return, when in reality, that is the last pillar they need to focus on.

Have an electrician install sub meters for all the units