Promissory Note for Using OPM

[Tyler Lingle]

Hi guys, I'm an agent in Indianapolis and honestly I'm pretty tired of helping OOS investors buy there own rentals. I'm starting my own business which will buy rentals / value add properties, and use other people's money to fund at a 10% interest. I'm mainly looking for any wisdom from others who have used promissory notes, secured by a property, and how they structured that. Do you do interest only payments? What happens when they want to pull all their money out? How often do you pay them interest? And, if I'm buying them with an LLC do you guys have experience getting a mortgage with an LLC?