I am likely interested in using an FHA loan at that time to purchase a fourplex, but am definitely not set on that, as I understand much can change in two years in the market.Thanks!

Pay off the balloon and then offer him owner financing on agreeable terms on the $38,000 plus any fees you might incur setting up a new contract.

We use the whole suite of docs from Wisconsin Legal Blank - just order a set online or download the pdf version.

@Levi T. how hard is it to set up an LLC? 

Something where you set up a relationship that they bring all their deals to you and together you guys evaluate the deal, come up with the correct numbers and create a presentation that gives their cash buyer list the confidence to evaluate the deal.

Its basically set up like a 401k. 

- find a Mentor to partner with in areaWhat I'm doing now-  getting educated and licesened - I've listened to every BP podcast and am currently reading "set for life"- signed up for BP pro and am reading and asking questions- networking for subcontractors This is the just of my situation.

I guess what I'm trying to determine is do you ever re-visit you list of properties at a later date once you have exhausted the original set of opportunities from a list.

Set all your tenants up with autodebit software and make that a condition of the lease.

This sets the expectations at the beginning, so your tenant knows paying rent is more important than a new big screen TV.That being said, it sounds like there was poor communication at the onset.