Income comes before wealth, attempting to build wealth without income is putting the cart before the horse.

Sourcing notes is putting the cart before the horse.

A deal like this would sound good to me as long as it wasn't my only horse in the race (I had a stable portfolio generating positive cash-flow) and I was prepared mentally and financially to deal with potential vacancy or modestly lower than expected rents.

There is also a detached two stall garage that is not being used, which could be updated with a garage door opener and rented out to tenants, or anybody that wants to rent it. 

Make sure you don't put the cart before the horse... get in touch with a local lender and make sure your plan for financing is going to work. 

SMART tv in the living rooms, basic cable in the bedrooms, gas or charcoal grill, indoor and outdoor manly type of entertainment (poker table, darts, fire pit, horse shoes), and lots and lots of artwork that I can not post a picture of on here without the post being removed.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Might be good to stall and secure your other line of credit first to make sure that goes through before closing this one.

Since this is a market I am familiarizing myself with and there is bound to be a correction in the next few years, I don't want to get caught up in a project that stalls and get stuck with it.

I hear what sounds like a horse stampede upstairs and question if my house can structurally support so many people.