They have a couple of decent incentives left, but I don't see any sort of replacement for the HPM or HPRM :(  I was under the impression there was another instrument coming to replace it.  

Sufficient to say having both a LOC and a mortgage will provide me with two strategic debt instruments I can manage over the long-term.

Some of the concerning items would have serious impact on the price and potential enforcement of the security instrument and note.  

@Kathleen Wilcox be really cautious about offering a 5 year lease with option, Due on Sale Clause IssuesHere are the exemptionsd) Exemption of specified transfers or dispositions With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—(1) the creation of a lien or other encumbrance subordinate to the lender’s security instrument which does not relate to a transfer of rights of occupancy in the property;(2) the creation of a purchase money security interest for household appliances;(3) a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;(4) the granting of a leasehold interest of three years or less not containing an option to purchase;(5) a transfer to a relative resulting from the death of a borrower;(6) a transfer where the spouse or children of the borrower become an owner of the property;(7) a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property;(8) a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property; or(9) any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.

Can I simply solicit these people and get my attorney to draft the debt and or partnership instruments in accordance with the investors, or is it more complicated than that?

Myself 30 yrs experience in various areas of Financial Services, Real Estate Wholesaling, Mortgages, Securities and Financial Instruments, My contractors average 10+ years experience, I have 4 attorneys who would be in control of escrows for different projects no more than 2 with any 1 attorney.  

You are buying the mortgage, the instrument which is a lien on the property.  

I feel you would be instrumental and fit right in with our group since you are home/remodel designer.

It is a blunt instrument, useful enough to weed out the ridiculous propositions, but not something upon which I would base an offer. 

This is more efficient and cheaper for the lender which is why so many mortgages were recorded this way.This also allowed the mortgages to be split up and packaged for sale in other financial instruments.