I hold no contempt toward the owner because I wish I had circumstances like his (owning a building that someone pays you rent AND property taxes on).

Unfortunately I had a similar situation with some people in Chicago.

Yeah, the water leak is an unfortunate thing that we'd like to do in the summer so we can get the entire side of building open and dried out.

In the right circumstances, that can be a very good strategy. 

This framework allows them to advertise their offering and raise money from non-accredited investors, but it places limits on how much a non-accredited investor can invest.Most real estate syndicates use the Reg D exemptions, either rule 506(b) or 506(c).506(c) allows the issuer to advertise, but does not allow them to raise money from non-accredited investors under any circumstances.506(b) allows the issuer to raise money from up to 35 non-accredited investors, and there are no limits on how much the non-accredited investors can invest.  

Unfortunately, I think, sometimes the people closest to you are the hardest people for you to do a real assessment.

Also, unfortunately I do not have anyone trust worthy to partner with.

Frank,Glad things worked out for you, a contract is a contract and sure circumstances happen, but when you get nasty how can you expect anyone to even give give you part of your earnest money back? 

It all depends on the circumstances. 

In my experience it takes me ~30 days from filing to the hearing to the dispossessory being executed if the tennant doesn’t present an acceptable extenuating circumstance at the hearing.