(There are passive investors in deals that haven't seen financials in years)  Do the passive investors get to vote on anything or are they simply along for the ride.4) Understand the business plan. 

If the house value goes down, the tenant has the option to simply not purchase and you would keep their option money.

A lot of people we first speak with favor the idea of a 15 year because they pay less interest over the life of the loan, and it of course cuts the term in half. 

.  --- and... these issues become issues for the other Tenant and then turns you into the constant 'utility police' because you constantly have to monitor # of occupants... eww. 50/50 is simple and simply understood and 100% while vacant is also simply understood.

I think you need to start by figuring out what you’re near term goals are - are you wanting to generate enough cash flow to offset W2 income, are you simply wanting to supplement your retirement, are you looking for significant tax advantages etc.

The LTV is cut at 70-65%. 

Simply ask yourself the question how long will it take you to obtain 25% or 5% down. 

Then, upon resale, does this private lender simply inform the title company of the payoff?

So, you can't simply trust them to handle things on your behalf and often communication is challenging especially if they choose to make it that way. 

The IRS requires a very detailed mileage log, so if you are ever audited, you run the risk of losing your mileage expense if you simply estimate.