We held the lien for several years, interest accrued, we learned more and got a lawyer to negotiate the terms for us.

I used legal zoom to form my LLC, it works to get started off but when you're net worth is higher, I'd recommend reconstructing your LLC through a lawyer. 

If they get injured this would likely be the first place their lawyer or insurance company will look. 3) Marketing of the property.

The contract did not in any way, shape, or form represent what was promised to my friend and the "investor" would potentially have no consequences for not delivering on his promises.

@Stephen Keighery  The lawyers can do most of it online. 

You already had expenses to start your LLC that you need to account for.Obviously you started an LLC without having a clear plan established with the advices of a lawyer and a CPA based on your goals and specific tax situation.

Then based on the lawyer or the title company you'll have additional fees (some necessary some of the junk variety depending on who you use). 

-Blaine I have some real estate lawyers in Columbus, Ohio you can reach out to

Otherwise we go with the selling agent and usually we have them also represent us.

I've done a promissory note before, had my lawyer draft it up and that went smoothly.