Real Estate Investment Cash Leak

[movingstars]

What is the name of your state? CA

If I am in a real estate investment with several other partners and we had agreed to purchase a hotel room in FL, and the current 3rd party manager who is not part of the partnership has indicated that each partner needs to put in more cash to the investment, is this allowed even though the manager stated at the beginning of the investment that no additional cash would be required? This manager is also the same RE agent who sold us the property. The manager/agent has indicated that if each member does not send in the cash payment, they will go ahead and leave the mortgage unpaid and ding everyone's credit. This seems a lot like blackmail. Do we have any recourse? We are very concerned that the manager will keep telling every partner to send in more and more cash. We are not getting monthly statements or regular documentation to show how this money is being allocated.

[efflandt]

What does your "written" contract say about your cost and expenses? Obviously there would be expenses involved for property taxes, insurance, utilities, management, linens, etc., unless you pay those separately or deducted from proceeds of renting out the room.

And what does that 3rd party have to do with whether you pay your loan on time?

I am just curious why someone in sunny California would buy a hotel room in Florida?

[moburkes]

Did you purchase a ROOM or a HOTEL?