Consider a proposal to seller; seller makes pro forma cap rate equivalent payments OR seller makes 100% debt service until new tenants are procured for 100% occupancy or 12 months, or some combo.

He is very diligent and has good thoughts and plans moving forward for the hotel and I trust he is operating in god faith but am a bit surprised by the proposal. 

@Mindy Jensen Proposing this post gets sticky status so that this area of the RE community is encouraged to find propinquity among it's members.

So I proposed a "sub-to". 

After posting my previous response on here I wanted to add this.I just took the time to look at the proposed 1031 change. 

Get architectural plans and have him bid THOSE plans (and maybe even get a 2nd bid) and get the AIA Stipulated Sum Contract not his contract / don’t sign his proposal, include material finishes & allowances.

It is of interest to me, that during the 2011 revision of Washington’s Adverse Possession Statute, the Senate rejected the language proposed by the house which would have required the elements of adverse possession to be proven by Clear, Convincing, and Cogent evidence.

http://www.ilga.gov/legislatio...The way I read the proposed law, "wholesaling" as defined by BP Nation, "flipping", and buying a second home, if done within 12 months, all fit the definition of "broker."

If partnering, be prepared to propose profit sharing details.

@John Oh love the guys and the goals, not sure about the tactics:1) have you considered proposing a different type of arrangement to your current boss?