It went fine, depends on your company but mine allows the standard up to $50k loan, minimal paperwork, 2-3 business days funding and only a $100 admin fee.

If you have to pull the rip cord and get out of this property, better to get out taking a loss and having learned a lesson than going through foreclosure.

Any tactical suggestions on what he and I might do to minimize or obviate the tax burden vis-a-vis a 1031? 

Thats why I thought we would have loss’s to claim on them.

Again, and as always, our goal is to minimize your expense as much as possible and everything is documented.Here is the response to my question about placement fee refunds:Pertaining to the new tenant placement fee, is there a tenant guarantee?

---We came back to the table with a quick closing, minimized burden on the seller, and aggressive negotiating tactics which not only won us the deal but also allowed us to acquire this property FAR below market value!

or should I just cut my losses? 

Losing money on the deal is a reality but we would like to minimize the loss if that is our actual scenario.

The partner is in the deal for the same reasons I am- to minimize risk on the first investment property as we learn.

But I’d take my outstanding debt on the property from $258k to $420k.... this kind of scares me, but I know if I can keep this rented my risk is minimized while I lay down the debt.