First time private lender and first time borrower

[Jenna Citrus]

Hi, I met someone online through a post in a meetup group and am considering being a private investor in a 2nd position lien after the bank for a down payment with a 10% return paid monthly for a short term rental. It’s his first time running an Airbnb, but he’s had some education and thinks if he has a handyman and a house cleaner all should be smooth. He lives about an hour from that area and I’m in Florida. Any due diligence/suggestions of best contracts to help us get setup and rolling?

Thanks!

[Andrew Glisson]

Too much risk for 10%. Might also be against his loan covenants. Can invest into sophisticated SFR funds for 8-12%.