The first house is  occupied by a tenant who was supposed to purchase it several years ago but has never been able to get financing.

We could invest in Kalamazoo and work in Chicago I suppose.

I suppose I'm also looking for reassurance that the lost summer fun of 2015 will be worth it in the long run.

So all those who say agents needn't invest because of some supposed duty to "Protect the Public"need to go back and read fiduciary rules of engagement so to speak.  

. :) I'm finding these conversations with the appraisers, deed, and tax offices to be of great help and the people so far have been more than willing to help out.So the clerk saw what I did in the public records, notwithstanding having a title search done, that the differences I suppose could be looked at in "ownership" was the fact that the property (road) was deeded to these other individuals back in 1995 but the appraisers office does not recognize them as owners rather the wife whose husband willed it to her.

I was only considering this a a "local" partnership agreement so that each party could be comfortable with values / drive past their investment (the IRA investment) --  I suppose this could be done at a distance but I myself am a little nervous about lending my money on a project hundreds of miles away.Appreciate your related thoughts and experienceb

I don't know if I am supposed to live in this property or not. 

Provided the security instrument that was used is properly structured.Lastly, when was the last payment made by the Borrower and I suppose while we are there, who is servicing the loan right now?

Are they supposed to get a flat fee or a percentage of rents collected? 

They are supposed to have a firewall around them and are supposed to base their value conclusion on their own experience and opinion.