For down payment, plan to need 30-40%.

I was thinking I could put down the 50k so he had enough to pay off the heloc and make payments to him for the remainder to be paid off in 10 years with new renters.

If you are very conservative purchase a fixer upper so you can force equity and hopefully have a low enough payment so that you can LTR the property or even sell for profit should the STR avenue not work. 

So I would buy the home and rent it for a couple of days, and then show the payment receive if you end up not being ready to launch and generate other bookings before the application window opens and closes.I'll direct message you my phone number.

Given today’s interest rates, a highly-leveraged arrangement (where you’re putting 3% or 5% down) probably isn’t going to generate any cash flow, so unless you’re comfortable with injecting money into the deal every month, I’d recommend accumulating more cash before you start investing.Generally speaking, a good place to begin is when you have enough for a 20% down payment, closing costs, and 3 to 6 months of reserves.

We paid $1.775 million for the notes, worked out a modification with the borrower, and received the first 5 monthly payments relatively on time.  

I'm glad to know you received your January payment.

I am financially free (8 digit net worth snd expect to achieve 9 before i die) but never see myself stopping the pursuit of more wealth.  

You’ll also want to know how they handle rent collection and late payments and if they can provide references from other investors they work with.A good investor-friendly agent should have a strong network of professionals like contractors, inspectors, and lenders to help with your investments.

that isn’t subject to higher down payment requirements or higher interest.