In every case, it's very advisable to have these types of loans serviced by a reputable and licensed servicer in that state so that this can be proven. 

I do, however, recognize the importance to stay relevant and caught up on the current terms so I can understand and communicate properly.I don't care what terms you use as long as they are spoken with good intent.

(Or I am not recognizing potential good leads when I see them).  

its a proven method that many successful real estate investors around the country practice when doing business with private lenders being positioned as banker. the choice is yours in any case.kudos,Mary

I've been told there are lenders that will recognize the agreement as a "purchase", allow you to refi to pay the owner off, and hold a longer term loan with the lender. 

You can add to your portfolio of proven winners and continue to expand your existing business. 

Georgia does not recognize that anyhow.

Hi Jonah,On the bright side, at least you recognize some skills/experience you don't have.

I do my best not to mix personal with business, that said, no one on my side of the family really has any money and I didn't even want to approach my wife's family until I had a proven business model that I was successfully executing.

I would advise not to involve family members in deals unless you have shown a proven track record and the family member understands the risk of not getting his/her money back.