The biggest thing is don't defraud the public, and disclose all. 

I'm a Navy public affairs officer, so I move every couple years, but I'm currently in Germantown, TN (near Memphis), and I've been interested in RE my entire life.

Now, if you do not use a PMS and only have a few properties or only operate on Airbnb that’s a non-issue.

When will the government wonks realize it is hard to force the free market to solve a problem they helped create?

Since downtown development land goes for $30 million/acre, $100k imposed by the progressive city government for a 40 story building permit is a minor annoyance.

Another option is to look into some funds as well that allow smaller investments. some are anywhere from 500-$10,000 minimums and accept non accredited investors (through regulation a+).If you ran numbers of a loan paying p&i at 10% but ot being able to reinvest the principal payments you realize how low your returns actually are. so yes notes are great but also understand that idle money for any investment is not fun.

They then missed out on several more years of growth because they got out of the game and waited on the sidelines for things to look better. 2010 to 2012 was the period that cash investors were the players or those with IRA keep in mind investor loans were still basically non existent in those years for all those expect very well to do Investors beginners were not getting investor loans. 

I won’t be responding to this non-sense anymore. 

Next we will need to know if the non-conforming unit is legal.

@Carl Rowles as a public school teacher you may have a 403b which also sometimes offers loans!