Line of Credit - Private Loan - Note Recording

[Trent Laubach]

This is a three part question:

1. I am a new Investor and I bought my first single family home a year ago on a loan given to me by a relative that was for the full price & some change to renovate. It was all cash and I pay my "mortgage" to that individual but own it outright. I have a promissory note between me and my relative that we are looking at to get publicly recorded, what are the benefits and/or is that necessary?

2. I am also looking to expand my portfolio - is it possible to get a line of credit from a bank even though my loan was from an individual? I fixed it up and turned a 3 bed 1 bath into a 5 bed 2 bath and the property has appreciated a good amount - so my thought process was to pull out 80% or so to then buy another property with the line of credit. Is this a possibility and what are the benefits / concerns to be aware of? Will recording the note effect this? 

3. I am a recent college grad and now a new realtor (full time) and also am an actor, so I do not have a W2 - from what I have heard not having a full time job for 2 years results in difficulty finding any loan. I am located and central Virginia and just curious to see if anyone has experience with this situation or has any ideas on creative financing?

Thank you for your time!