From what I have seen most lenders for private money or hard money what loans for 100k or more, or else the ones that do smaller amounts just don’t advertise.

The value add will include TI's and renting out the 50% of the square feet that is vacant.The hangup is that in a TIC structure we have learned that every person must bring money into the deal to achieve an equitable split.

I agree, at least in most part, and especially when the Gov spends money it doesn’t have (deficit spending).

While this wasn't a huge money maker, a deal is a deal, especially when you don't have to invest money in renovations.

I am nervous that starting eviction for nonpayment would drag out her leaving and end up costing me more money in the long run. 

Get an agent complaint from the licensing authority and then you spend days, weeks, time, money fighting the complaint vs focusing on the business.Also in places like Keller Williams you can get paid profit sharing not only on the profits of the agents you personally recruit, but on their efforts as well, around the country and around the world. 

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

Your only exit is to use all your excess money to pay off the heloc or hold the rental and hope it will increase in value enough to sell and pay off your heloc.

So all the work, money and time and then vacant for months.

Hello BP,I have been a very active private money lender since 2014.