I totally agree a scope of work would have been a better approach so all three would have an exact written idea of the work I wanted done.

@Robert Biggerstaff, it’s a really interesting question and touches on a few key topics.1) You likely need to be active to start with and to build up capital but in order to scale you have to automate, delegate and systematize your active pursuits or take a more passive approach by investing in others deals2) Setting a pure financial goal is a good start but it can be even more powerful to state your goal in terms of what it will enable in your life I.e. what will happen when you hit $50k a month, will you then not be happy until you are at $100k per month.Good luck!

Im looking for advice on how I should approach my second home.

If you approach it with passion, curiosity, and hunger, you will come away with the natural next steps for you to take.

:remove the garage door ...Bahahahhahaahahahahaha that's certainly an "approach", but I wouldn't recommend it.

Get cash in hand and keep the security deposit approach as a backup to protect those funds for any damage caused.Court would be my last resort. 

@Michael Ealyb Phenomenal deal structure and philosophical approach to real estate investing.

Second, if so, does the group have any guidance or advice on how to approach the lender?

Developing that trust with someone you don't know may seem like a challenge, but if you approach it correctly, you should be able to achieve a pretty solid foundation of trust.The best way is to talk to others who have had an experience investing with the sponsor already.

He said if this guy manages to find a buyer, when he approaches us we'll squeeze him in the middle and make him overpay to close the deal.