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I'd talk to Sal (and Guido) first about FSBO,
whether there are special registrations/restrictions/other required to be a private lender in CA,
Which direction the tenancy laws swing (yeah he might legally stop paying you for a decade because he got fired for being purple and mom is sick etc),
What order your claim is going to be when he goes bankrupt and there are 20 people in line to sue him,
How collections work and is this guy going to be at all after he turns the house into a giant pool for an underwater pron filming,
Things of that nature...it's not if..it's when things all start going wrong.
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