Welcome aboard.I'm in Marble Falls, 50 miles west of you.

I'm not so sure that the gift tax would apply I would seek advice from accountant first but considering it is a loan and you are paying it back there should be a minimum state statue of what the lowest interest-rate can be.  

Midwestern Statue University?

What are the state statue of limitations for this type of note?

New cultured vanity marble counter tops in both full baths.

It’s like I labeled marbles with the owners names and called it crypto currency so I would be hip and cool. 

as others have mentioned  CA OR WA all have these equity purchase statues.. and the need to be a LICENSED foreclosure consultant to even engage with these folks.  

I buy marble on close outs and when it's time to redo my bathroom floors, I use marble.

It's not the new hard wood floods, marble counter tops, pool and Gazebo, That the only thing they don't make anymore, it's where the true value of real estate can be found, and why would any professional Realtor not tell their clients that a current land survey certified to them ( not some other dude ) and dated within the circumstances of their purchase is the only assurance that they have title to what they have agreed to buy.  

KY will still charge you under KY statues their tax revenue and you may even have to pay something to AL depending on laws there as well.