You will want to dig much deeper than internet forums or even the sales reps at most self-directed firms to ensure you have a strategy that will produce results without unnecessary regulatory risk or too much administrative overhead.  

Never once had one redeem in all the years..Not to say there Is not a first time for everything :)of course if you can get the release pre sale this could be a benefit in two ways for the note buyer.One it could produce 3p bidders that would buy the note and if the OP bought it at a significant discount this could be a nice quick flip.. but if the sole intention is to gain control of the asset one MAY be wise to keep the IRS lien in place to scare off other bidders and risk the redemption that in all likelihood will never happen..  

Rolling on produces a stipple finish and not a high gloss smooth finish.

I'm going to give my LO some time, but if they don't produce it, I'm going to talk with my attorney.Thankfully I'm using equity from another property that I own F&C to satisfy the 25% down payment requirement.

I have also heard when going to a local bank to get a portfolio loan you should have a business plan to show the lender and convince them that your investment will produce positive returns resulting in a low possibility of defaulting on the loan. 

If I am understanding the above correctly, does this mean that we should buy a more expensive property for our first, perhaps a triplex with three income-producing apartments, since that is our one opportunity to pay only 3.5% down?

@Charles Worth,Just curious as to why you think it might not end well.No investment is guaranteed to produce a return and all investment involves risk, especially the risk of loss including, but not limited to, the amount invested.

Whether a property can produce positive cash flow in the immediate or near term is a secondary consideration and not considered a deal-breaker.

And you want to know how long it will take for the bank to recognize the income that property is producing and use it to write you a loan.Immediately. 

Ultra-competitive, but it wouldn't be that way if the market wasn't producing.