You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.

This has been my strategy here in NOVA as well - though true multifamily housing stock is hard to come by as you are probably already aware.

Our hybrid approach has worked well.

They are not well suited for a novice.You may see auction results that look appealing, but you don't consider things likea.

Machias Savings Bank as well.

Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont? 

There are people on here (BP) that say "you don't need to pay for education".Well, not only are they wrong!

From what I’ve read for the NC law as well as what is written in the contract states that late payment in a violation and eviction is enforceable.

I am a licensed agent in Kansas and Missouri as well as looking for my first investment.

Processes have been set up to provide a degree of protection to parties  involved in subject to transactions.