He stopped responding and finally a week later he texted me and started the 2nd coat.

Or defaulting borrowers.

Private companies negotiating loan modifications have statutory restrictions that limit how and when they can be paid, plus disclosures that need to be provided to the homeowners / borrowers.

Trade it to a retail buyer who is down sizing, usually works better, you buy their house and borrow on it, pay yours off.

He's probably less knowledgeable than you are, so don't let it stop you.

I'm not in your area but that won't stop me from commenting, LOL.

Someone will buy a house or duplex, rent it out, now the value has dropped by half or more, so they stop paying on it.

And legal entanglements will follow.If they have a significant portfolio, and this is one small chunk of their money, then it might be something to consider.I have done deals as a lender where the borrower did borrow a small portion of the deal to cover their part.

Your partner deferring payment until the prop sells is perfectly fine and makes sense to mitigate the risk of running out of money (which would necessitate borrowing from a party that is not disqualified, or selling project "as is", likely at a loss).If you had personal cash, you could also partner with your IRA on the front end of the deal (take title in both names), at a predefined % split.Be aware that flipping profits in IRA accounts are potentially subject to the stiff UBIT tax, based on "intent" to flip, which would be determined by the facts of a given case, as well as pattern of activity.

That very much depends on 1) how much you pay, 2) how much your borrow, and 3) the terms on your loan.