I asked them if the bank would sell the note.

I was coming from the notes space where almost all transactions begin with an Option.

Big note is that you need to have ComEd involved, so expect to have it permitted out. 

If you are taking about dropping a million cash into properties each year, then yes you are going to want to have some type of reasonable corporate structure, but if you're talking about 25% down 100 grand properties with bank notes, all you really need is some decent insurance.

I've replaced specific details with 'xxxx'.Terms of Payment (interest only): On or before March 15, 2024, Borrower shall make a prorated interest payment for the month of March 2024 in the amount of xxxx per day beginning on the date of execution of this note through March 15, 2024.

Note I am not usually making these offers.  

There are probably some out there, like Ryan noted, but they will be very expensive, and may make it hard for a deal to pencil.I would go to local meetups and talk to other investors.  

We’ve now implemented a form for tenants to complete within 3 days of move-in, where they can note any damages or concerns they find. 

Maintain proper records, such as contracts, settlement statements, and promissory notes.4.

NOTE:  there may be some tax on interest or principal on the payments--seek professional advice.Also, stress there will be no inspections or other contingencies--sell the 'peace of mind' side of the equation.You have known each other for 12 years and you established you are a great payer.