Can you explain more about giving him a second mortgage? What am I taking 12-15% from. I realize by April they still won't have fences since the grass needs to settle for a while, and they likely won't have the second layer of asphalt put in for the driveway. But it still will be a lot more...

He bought it for $360k, he put down a 35% deposit. Then he probably put in about $20-30k on upgrades, granite counters, pot lights, appliances, hardwood etc.

I know nothing about REI but a sudden opportunity came up and I was wondering what I should do. I recently bought a townhouse in a new build area (no driveways, grass, fences etc), and a house down the street was bought by a REA/REI pre build, and now he's trying to sell it. He's only got one...