At this time I feel a proper first investment would be a buy and hold multi-family which would also serve as my primary residence.

What is the proper spelling for multi-family?

That could include being too scared to take the first step, not properly checking out prospective tenants, not asking someone (mortgage broker, contractor etc) for what you want.Anyone with a decent brain and good common sense can read the forums here, follow through and make some great money,,most won't because they are either too afraid to actually make a commitment, or not willing to do the things to put them in  position to make the first step (such as saving for a down payment on first rental)andy

You need someone to properly prepare the deed and you need to look at a title report to understand what you are taking over.Don't do this deal unless you have the ability to pay off the loan with cash or refinance if the lender should call it due.  

There is zero information about how the borrower was qualified for this agreement (loan), so we can not properly judge if the risk to interest idea is proper, above or below what it should be.   

If the delay was caused by miscalculation of time rather then being shady I think you may have reacted too strongly.  

The deals that I personally purchase may not be the deals that you are attracted to and vise versa.Anyone that wants a deal that has EQUITY upfront must know the market and be ready to react.  

However, when those terms are up  if you do not want to keep her give her proper notice.  

I don't know your particular situation but i'm hearing major life change (new baby) followed by another major life change (large financial investment)  Make sure you guys do the proper research and don't get in over your head.Step 2: Keep coming to BP and asking questions like this.  

Hi Matt,You have gotten some good info on the nuts and bolts process.Make sure BEFORE you close that you have properly valued the property with the purchase price.What I mean is I see newer investors all the time say to themselves:" It will be easy to raise rents on these under market tenants so I will pay XX for this property. "" These units do not need much work so I will only spend XX fixing them up. "" I can get these tenants out fast if they do not agree to what I say so the cash flow will keep coming in to pay my mortgage on the property."