But in all seriousness, we are getting a lot of frustrated calls from folks looking to change for the issues outlined above.

Using the solutions that you've outlined I think it's best to create a system for each and execute it, tweaking it as needed. 

I will outline the situation below and please let me know your thoughts!!

(I'm not an attorney, consult yours)The first would be the promissory note, that outlines the terms of the loan, and the second would be a properly recorded mortgage, which defines what collateral can be claimed in the event of default, and the related process for making that claim.As @Robert Kinsey mentioned, 5% would be a bit low for me as a lender, but I'd be very happy to pay it as a borrower.

Can anyone recommend a local lender or help outline some steps involved in this process?

Can anyone recommend a local lender or help outline some steps involved in this process?

They did not outline a date and all the details.The real impact is still unknown  There will be winners and losers.  

This gives me an outline to start researching neighborhoods and i will definitely reach out to Tony as well.

It’s your first deal so maybe you won’t be motivated to do this but having the seller bring equity in form of the land, a developer/investor interested in the area and carries the construction financing, you really only bring them together (whatever that is worth to an investor) or some sort of partnership with the seller that outlines duties and recompense.

Include in this report is a reserve study, which outlines the required repairs an expenses for the next 10 years.