This will give you a ton of capital to really have the chance to quit your job and have income from properties.

But I was under the impression pretty much all loans for commercial multifamily properties were 5 to 7 year terms, with much longer amortization periods, so it's good to know there's at least a chance for 20-30 year fixed rate term loans for commercial stuff.

I get one more chance to get him to go straight with me on the Debt and he saves a lot of money on his Rent.

@Grant Boney There's always a chance you could get lucky so there's no harm in making him an offer.

Of course, if you back out of the deal, there's a chance the second buyer will decide it's not worth suing to enforce the contract.  

I'm a total beginner and I expect that all the stuff I didn't consider will be where I learn so I took a chance.

Even if our if the smallest chance that he's telling the truth....it's never worth the risk to me.

Have you researched the need for a LLC outside of BPs to determine actual chance of needing the protection.

My wife and I had the chance to visit over New Year break and fell in love.

If they did the work themselves and didn't require permitting then that's always too much of a "take a chance on their work".