Aside from the usual pitfalls of multifamily, any special dangers about this type of project?  

Being in Williston through the Bakken boom, I'm sure you know the dangers all too well (I came from just the other side of Sidney MT in Glendive, so I understand many of the issues you've faced there). 

While I know the "wisdom" is to get the structure in place and then get property and planning is the way to start, there is much greater danger in never getting off the ground than in picking the "wrong" way and losing everything.

This is a fine distinction, and you don't need a license to sell a contract.

My experience tells me that's an important distinction.

The key distinction here is the asset being discussed is the note, not the real property.

Try to change the rent contract from $6k installment to 4x $1,5k each month, payable at 3rd, 10th, 17th and 24th of each month.If he cannot supply your own business can be dangerous so no I wouldn't serve him a line of credit.

You refer to "my broker" and "the broker" throughout your posts without much distinction.

Last thing you want is for the quality to dip to dangerous levels.

This goes away pretty quickly though once you pay off the card.Again, I used it too because it makes financial sense, but beware of the tricks & dangers.