Creating a Note for an owned property to sell

[Jacob Mueller]

Hey ya'll, heard of a strategy that I wanted to see if you had any thoughts or experience handling. The goal is to generate cash for the principle by creating a promissory note on a piece of property the principle already owns which they then sell. Let's say it's either in 1st, 2nd, or 3rd lien position as well.

1) Has anybody heard of this?
2) In today's environment, what kind of terms would be acceptable?