The attorney review period gives you (and the seller) a chance to “sleep” on your decision.

I know the crime rate is high (maybe very high) and those are not what can be considered a "good neighborhoods" but how is that should impact my decision?   

Long story short, after corporate downsizing, I lost my job and relocated to my home town of Tulsa, OK; and not having knowledge of BP to help me realize what I was about to do may not have been the the best decision, I sold my portion of the company to my partners.

We are planning to come down to Florida to check things out before we do a final decision.

Everybody in trying to make a profit but if there is anything driving the decision (e.g. need to raise funds for another opportunity or need to deploy funds from a sale) it might create the opportunity for creative financing in some fashion.Know the neighborhoods - As you can see from reading on BP, in many cities, things can change dramatically literately block-by-block.

The investor is obviously doing a lot of things incorrectly (and you shouldn't want to work with him), but you're also doing a lot of shady things:- No insurance- Not pulling permits- Not filling out a W9 (or charging for taxes separately)I would suggest you cut loose from this investor, but that you also examine your own business practices and make the appropriate changes there as well...

Best of luck in your decision. :) 

It's usually pretty close to a wash, or when I hold the rate constant it's like 20 basis points (to price, not to rate) or something trivial, coin toss which will win on any given day.I prefer to have my direct lender hat on to my broker hat when working on REI deals (not licensed in your state, don't actually bother PMing me) because your situations are always wonky and I need that direct telephone/IM/email line of communication to the assigned decision making underwriter so I can go over your net loss carryover, or weird Schedule C, or funky deposits, or whatever it is, with her and get it resolved in 5 minutes rather than over the course of 5 days of emailing back and forth through some intermediary. 

A television show, no matter how popular, is a questionable criterion on which to base your investing decision.  

It also sounds as though you did not do an LLC and choose to be treated as a Sub S corp, so the income will also come to you as Earned Income, and will also be subject to Self Employment Tax (although you might have already paid the maximum).I applaud your decision to set up some kind of system before you do anything like this again.