(especially Montreal/Laval)Here is a bit of background, my partner and I have been looking for our first property (single-family) and due to the pandemic lockdown being slowly lifted there has been a surge of demand for houses in our target neighborhood.We are looking for a place that needs work and this hasn't seemed to reduce the competition in the area, the last two properties we went to see had 3-4 other offers by other DIY investors like myself willing to pay (almost) top dollar for properties needing lots of rehab.

It was due to the owner completely leaving cash on the table by not being involved in the properties as well as the PM not providing feedback to the owner on raising the rents to meet market demand.

Appraisals can take 20-45 days depending on the current demand in your market.  

Secondly, they could utilize an acceleration clause (demand the entire amount be repaid right now) as the loan was intended to be use against a primary residence only.  

You get a 1st lien position on the property, demand note, a JV agreement outlining duties and responsibilities of you and your partner (more his responsibilities to make sure you get paid back), and have him add you as additionally insured on the insurance policy.

It will be easier to get him out now rather than later and get a new tenant in within the month   If it's an in demand area If you need to can ask the real estate attorney who did your closing for a quick letter. hope it works out ok 

His budget was a million and he was pre-qualified and writing offers, but he needed too much of my time and was too demanding, so he is better off with a newer agent with less business who can spend their time driving all over the city to satisfy his showing requests.  

If it is a low demand time of year ( kids in school, bad winter weather,etc.) then timing might not be optimal.

Their demands and threats do not bother me and I generally toy with them for a few months till they realise they are not going to win.

Never ever ever ever again. ever.When they want something from you, they demand immediate action (Ex: Calling at 10pm to tell me my tenants had put a small yard gnome in the flower bed outside their door, demanding its immediate removal.)But when i requested that the dry rotted outer door jambs be replaced (per by-laws stating they are responsible for "from the studs, out") It took nearly 6 months of emails, phone calls, threatening legal action, and finally petitioning to have the president of the HOA removed.