Within a couple of days I found the ideal buyer for the house and they fell in love with the property as they are transitioning from renters to owners of their first house.  

Deals fall apart all of the time for myriad reasons (inspection, appraisal, financing fell through, buyer changed their mind, etc.).

note: fell free to use your own assumptions on economy, future markets projections, inflation and such that you would like. 

I’m sorry it happened like this and suspect you fell prey to the rah-rah I constantly see here of buy multi-family in crap neighborhood with inflated cash flow projections somewhere in the Midwest.

It turned out to be a great success — but it came with its fair share of challenges.When some of our partners fell short on both funding and operations, I ended up stepping in to handle everything myself.

Would love to assist ,  fell free to give me a call or text for fastest response

Does it appear that he plans to never pay you or he simply fell on hard times?

This year, for example, we stayed solid booked in June & July but fell off a cliff after the first week of August.

That is an issue with luxury cabins, the owners have little issue with holding costs and many have no financing so their hold costs are fairly low.One of the offers went under contract but fell apart.  

And in the wake of commercial real estate prices crashing, the economy fell into a recession, residential real estate fell into s slump, prices went sideways in the US (and some markets like CA and TX saw prices go down, but not like 2007).So two very different scenarios 1989 and 2007 - literally nothing in common with 2025.