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You are living in Florida (Orlando), you bought a property in Ohio (Ohio Auction) for $57.000 USD. The property is located at 220-222 W Euclid Ave, Springfield OH 45506. You did not have the full amount to pay for off the property; someone willingly willing to lend you $15.000 USD, so you could pay off the property. Now you own the property, and your plan is to repair it and rent it out by apartment. The repair cost estimation is $30.000.00. And you are fully responsible for that.
After discussing with the money lender on how you will pay the money ($15.000 USD), you concluded the following:
1. After all the repairs, once you start renting out the properties, the lender will have 10% each month.
2. After 2 years, you will pay back the full amount of $15.000 USD.
Prepare a professional contract for the lender.
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