Though you didn't record the note to secure the property with a mortgage, you can still make it difficult for him to operate and potentially raise more money when new investors check him out and see his history.Don't take it lying down (so to speak). hopefully more people will chime in.

I lived and operated my REI business in portland for a number of years and am now based in Charlotte, NC.   

How does that Core-Tec compare cost wise to Alllure @Tom Keith ?

Now, someone told me that I could create an Operating Agreement detailing the arrangement with the contractor, the idea being to give the contractor confidence that everything is on the up and up, and he is adequately protected.  

The operator you go with is critical for a chance of success.  

Much cheaper than putting in laminate and replacing it every 12-18 months when the tenants get tired of tripping over the raised seams and the surface starts to peel off revealing the fiberboard core. 

If there is a facility, you will have a higher electric or heating bill....both to heat and cool the facility and to operate the units.  

I am currently looking for a multi fam where I will live in one and hopefully the other units will cover the mortgage and operating expenses.

At least an agent has a basic education and is supposed to operate within a code of ethics.

Just so you know, my goal is to learn to assign lease options w/o having to worry about getting in trouble with our local real estate commission for operating w/o a license.