To follow up on this - I agree with what is said above with the caveat, does your friend have something of value equal to, or in excess, of the loan amount?

Offer what you can afford, I assume there will be a grace period where you can back-off the deal, except loosing some or all earnest money, etc.  

I think these excessive price reductions will slow down soon.

The term “passive income” is used loosely, as the level of required activity and involvement varies based on the investment type.

Main criteria for a BOD to more strongly consider umbrella coverage OR excess limits of liability:* Does the community allow any activities on the pond (fishing, swimming, boating, etc.)? 

You should also check to make sure that the neighborhood is not located on a busy street and that your house isn’t surrounded by excessive noise: noisy dogs, chickens, trains, airplanes, and more.Tip #7: Develop PatienceFixing and flipping houses won’t earn you the money you’re expecting overnight.

I didn't realize that some of these charges were excessive but that is something that I should have become an expert on as soon as each repair came up.

Beyond that is excessive.

Honestly we fell into it, the market tanked, we had to move for work out of state, and I didn't want to loose the money we had invested, but it wasn't worth what we paid for it, so I told my husband we would rent it out.

Loosing out on depreciation for current market value of the house may push the numbers a bit.