I'd recommend nothing shorter than 5 years.Regarding your specific questions:1) Yes, any competent closing agent (title company or attorney, depending on your state) can prepare the note and security instrument (security deed, mortgage, etc.) you need.2) See 1.

Where I am going with all this is, have you looked into low down payment options that you all may be able to qualify for and afford without having to use an additional financial instrument on the rental property?

A memorandum of interest (or affidavit of interest, memorandum of contract) is a document or instrument that summarizes the contract or seller’s breach/anticipatory breach of contract and which is recorded among the local land records.

Long standing LEGAL instruments of real estate transition exist.

It seems as if there will be some upgrading of the units, are you anticipating a sale or refinancing out of the subject to different mortgage afterwards or is that the long term debt instrument you want to keep?

Stocks, Mutual Funds, CDs, Bonds, Etc.All of these financial instruments are for capital accumulation.

The lower interest rate inherited from the assumed loan and the rental income from your initial property can be instrumental in financing your next real estate move.

These mortgages can be assumed, however, and are non-recourse (if your name is a musical instrument and you were a reality TV star, and made cameo appearances in WWF, this might be the type of mortgage you get for some of your projects, which might ahem wind up being front page CNN news). 

The support of the Town of Hilton Head Island, Graves Construction, Parker Design Group, & The Sea Pines Resort are a few of the many instrumental people who made this project possible.

To this end, I have started listening to the BiggerPockets podcast, which has been instrumental in my educational journey.