Also, this relative and that relative rented places out to deadbeats and family and it was a nightmare yadda yadda.

I've made a relationship with a realtor and a lender as well in the meantime, already pre approved..yadda yadda yadda.Here's my dilemma.

Everyone gets excited when a few flips net a huge profit, you see other houses in the neighborhood do it as well, then all of a sudden after a few years you've got these empty expensive homes that no one wants for the new price point because of new builds or location or yadda yadda. 

It's never, "HEY I OWN RENTALS" it more comes out in normal conversation, "oh what did you do this weekend" "Oh, I had to go to Lowes and buy a couple refrigerators, they went out at my rentals" "didn't know you were a landlord..." yadda yadda yadda. 

We don't usually track for ownership changes on taxes, just that their current.Whenever i get asked "why do you care, as long as the payment is made", i let them know that 70% of my portfolio is investor owned, and my investor cares, because my investor has a borrower that is legally obligated (sometimes personally depending on loan type and state) to fulfill certain covenants of the loan (Can't run a meth lab, promise to keep it in habitable condition, promise to carry insurance at certain parameters with me as the mortgagee, promise not to sell it without permission, promise not to put my lien in jeopardy, yadda yadda, etc., etc..

*Right now, bargains are plentiful, financing is not so those who can should scoop up as many, as fast as they can :cool: In that sense, *now* is the time to buy*YMMV yadda, yadda :wink:

You will save yourself a lot of money and aggravation in lost time from potentially missed closing dates, sending a million documents to the lender, dealing with draw fees for the rehab and lead time for inspections before each draw, yadda yadda.  

If you read the definition of a security it says:The term ‘‘security’’ means any note, stock, treasury stock, security future, Yadda Yadda Yadda for 15 more linesYou can see that the first item noted is a "Note" which is what you intend to create.

PS Not a lawyer, consult your legal resources for local law stuff, yadda, yadda, yadda...

The PC part of me says yes, they've served their time, and yadda yadda yadda, but the father in me says they'd be lucky to live let alone have a nice roof over their head.Again, i'm not talking about those who provide unsafe and unsanitary conditions to fixed-income granny with no means to move or change her situation; which I've now discovered is most peoples definition.