Brother-In-Law Analogy For The PawSox Lease Payments

Assume my brother-in-law tells me he wants me to buy a $1,000,000 condo in Florida.   

He can rent it out, make the mortgage payments on the note, make some money for himself and eventually I will own this condo debt free.

It will be a great investment  for both of us.  All I need to do is get the mortgage and he will do the rest.     

 

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Here are some extra stipulations:

1. The first 4 years he can not make any payments.    
2. I will have to get  a loan for $1,200,000 due in 30 years, not $1,000,0000.   
3. The extra $200,000 will make the interest payments for him the first 4 years.   
4. Year 5, he will start making payments on the $1,200,000 note
5. He, however, does not want a straight line amortized payment.   
6. He wants to start with a lower payment that increases every year.
7. With a balloon payment of $200,000 in the last year (30th year).
   

Lets assume I went out and got the $1,200,000 loan.   

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Then three years later, he tells me that I will be responsible for any expenses fixing the condo over $180,000, and he has already incurred expenses of $174,000 .   Nice  brother-in-law??

Check out Schedule C of the Polar Park lease.    The PawSox are the City of Worcester's  brother-in-law.