Treat your family private lender like (or better than) any other private or HML: promissory note and lien recorded against the property.

Also, if this is something that you are looking for in a hard money lender, you might want to look into more of a private money lending model verse anything else. 

Open Floor PlanKnocking down non-structural walls to create an open floor plan can make a home feel larger and more modern.

Now, this was all done with someone's private money so is it private money or hard money?

Ideally was thinking a duplex, triplex, or quadplex to get started and use an FHA loan but I also have a private lender that can possibly help with up to $200k worth of a down payment.

All that matters is that buyers feel like rates are high and are reluctant to buy.

Building a real estate portfolio might be attractive, but if you're crunched for time, perhaps you could do private lending in a SDIRA or get into syndications.

Great replies here, and thank you for sharing examples of what you have or have not done as a private landlord.I do think there is a time and place to offer concessions, just not for people like you and me that are owning/managing portfolios smaller than an apartment complex with 100's of units.

Please private message me to join the RADD investors group

First, let's be very clear here.The mortgage your speaking of is a private agreement between the seller and the lender.