If one has high living expenses, cash flow doesn't mean much and I definitely understand going for appreciation first.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

If I create a debt fund that offers 9% interest on first lien notes with a 5-7 year payout, would that be attractive to high net worth investors?

high prices have made properties expensive and high rates have made money expensive. 

, whether there's a high water table that encroaches on any underground utilities or foundations (and does that water table have significant seasonal water level variations), encroachments by roads or other improvements on your property, limitations imposed by easements or rights of way, etc.

I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.

As the market evolves we've intensified our commitment to helping investors focus only on listings that are eligible for vacation rental usages and either; have exceptional existing production or high potential for rental performance.

Until 2018, when it was closed due to low revenue and high maintenance costs 2.

Wade returns for non performing notes has tightened and is now in high teens low 20's.

If it's cheap, high crime area, proceed with caution.