Having 3 children growing up and remaining in the same school district is crucial to us, and helping our community, church and individuals is an honor.

That includes any late fees and remaining balance amount of mortgage. 

For example.Investor lends 100k for the purchase of a 500k duplex.Homeowner lives in one property and rents out the second property for 1500 a month.Pays the investor 834 a month (10,008 annually) and keeps the remaining 666 from the income property.The investor is getting a 10% roi while the prospective owner is getting some income from the rental property, access to the housing market (and as such all of the associated tax benefits) and doesn't have to pay mortgage insurance.Of course there would need to be some sort of security and the lender could have their name on the deed?

But a judgment of any kind would add a new negative that would likely remain for 10 years.

In ten years it is more likely that the property interior will need updating as popular styles change but the structure will remain sound.

Your friend is nice to lend the money, but you'll want to have an appraiser take a look at a before and after value before starting down this road if you want to remain friends with your friend.  

You might be able to obtain the 70% financing a bank will give you and have the seller carry a note for the remaining 30%

Transfer of property to a living trust where the beneficiary remains as the borrower and remains in the home. 

If you plan on occupying one of the units, evaluate the property both as a pure rental (income from all units) and as a partially owner occupied property with income from the remaining units and any applicable owner-occupant reductions in property tax.  

When I type in Long Island only the word Island remains and I have not gotten e-mails regarding Long Island.