@Jason Vermeulen you’re running a business and need to set expectations- not just for this tenant but for all tenants at your property.

Investing is a business and the business environment has changed from interest rates to contractors to tenants.

Who you do business with matters more than any other factor when you are a passive investor.

Monopolistic behavior, with complete and reckless disregard for the reason they are in business to begin with:  Us.  

If it is an Invesment property you are able to utilize no income no doc products .

Also after you are established, conferences are totally worth it because it screens out all the investors that aren't serious about doing business. 

Yes, investors do pay themselves for the work they are doing (separating their construction businesses from their investment businesses)2.

I will pay him off using another business credit line I have..key was that I  want to show that my down payment is not  borrowed money hence this plan

I think 'high IRR' is subjective but also linked to the business plan.

Make sure you set aside a monthly budget for maintenance and have the proper insurance in place for maximum protection.I would suggest starting with a single family unit before multi-family as you get used to the business.