It is important to note that my business partner is a family member and we are aligned on pursuing whatever strategy is most optimal for our main goal of acquiring as many properties as possible collectively, regardless of ownership percentages on paper. 

If I wanted to get more involved and spend more time on investing (like if I was 20 years or more younger) I would make extensive use of options.

For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.How should I write up the lease agreement as far as collecting the rents?

I remember even during Covid we sitting pretty collecting all of our Section 8 rent checks.....The County Wake housing authority blows the big one.

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

If they fail to pay, then you can consider taking them to small claims court or filing with a collection agency. 

This process is extensive, requiring community engagement and approval from the City Planning Commission and City Council.Given the predominance of multifamily residential properties in your area, there may be a precedent for such developments.

This PM will be trusted with the accounting, collection, and transfer, of tens of thousands of your dollars, or more.

However, I am curious to know your reasoning behind considering bidding on a property that requires extensive rehabilitation, including demolition.

Most people do not realize when someone liens a property its just a lien, but to collect on it they must file a lawsuit to collect that money which will cost them 5x more than what its worth.