I paid almost 40K in interest last year. #2.

I am not that smart so I need people who can do this and they should be paid properly with the upside!

With family it can get tricky as you want to make sure they understand you're going to be flipping the contract onto an end buyer for possibly more money than $1M and that's how you end up getting paid... family can take this in the wrong way LOL :) 

(For example, IF I was able to purchase the first home (multi-family) outright, paid-in-full, then use a HELOC to pay for the down payment and closing costs for the second home, would that be a smarter approach?)

I paid cash for them (130k and 56k).

Some claim hey have already paid three application fees.

I have clients though that I fund that have built some incredible portfolios. 2 of them over 250 SFRs that I funded for them and they refinanced and paid me off..

Lease 1 included tenant Person A who paid the deposit and moved in.After 3 years, tenant Person B was found to be in possession of the unit.Lease 2 was written to include tenant Person A (who moved out) and tenant Person B.

What would I need to do to structure the note in order to have a note buyer come in and buy the note or buy a partial enough to pay off the 215k at closing and still have some difference coming to me or the note revert back to me after the partial was paid for. 

All of these assets are paid off.