The substance of the law is that you are not receiving any boot, e.g., cash or debt reduction, without recognizing gain.

I have followed Frank and Dave for some time, but haven't done the boot camp.

I'm loving this site and don't want to get booted, lol

Basically, there are two parties: the local partners, and the out of area partners.The local partners found the deal, arranged meetings with developer and other parties, will act as boots on the ground asset management for attaining local bank financing, all work with architect, oversee management of construction project, and asset management for eventual lease up/ongoing property management.

As others have suggested, boot him asap!

The RTA likely will have other nice features to boot: dove tail joints on drawers, soft close drawers, soft close hinge on cabinet doors. 

If you need local boots on the ground that is something we can talk about.

My recommendation would be to invest somewhere you have "boots on the ground" aka someone you can trust and knows the area - family, friends, other investors you might meet here on BP.

Would like to know expected rent for this east bay property, and to to nail down this franchisee on paying fully and on time or boot his butt to the curb.Any/all help or suggestions welcome.

If you have an agreement by all parties that the seller is going to boot one of the tenants, and they won't do it, they are in breach of the agreement, and it is null and void.If you don't have that agreement in place, signed by all parties, then you either have to change loan course or walk as is.