@Kris ColeSorry I have been away for a spell.

I don't know your financial situation but being fully leveraged in a down market can spell disaster for many people.   

BTW, on a side note, people often pronounce my last name like your's is spelled and since my sister-in-law is Linda, I had to do a double take on this post. :) 

let alone you could access their cell phone.Be that as it may.. these are business guys.. write a letter of intent.. you dont need the picture and story I doubt that will curry favor.. just be professional and make sure some one proof reads your corrispondance you dont want grammer or spelling errors or not to sound professional.

Again, this should be spelled out in the lease.If the tenant moved the animal in without your permission, they are not "good tenants" by definition.

It's completely dependent on negotiation -- between the operating partners and the capital partners.Typically what you'll find in similar situations is either an LLC or an LP taxed as a partnership with a strong operating agreement in place that spells out income/loss allocation. 

That should be spelled out before money changing hands.It doesn't sound like he is a typical fly by night grab the money and go type, as he has done 4 projects with you.

What happens if you have a dry spell and can’t rent the place for two or three months?

I think thats how you spell his name?

With 2 additional partners, it would need to be spelled out in the beginning as to how the breakout on sale would be and who would cover what when additional items are needed.For me, I wouldn't go after it.