The seller is already in first position and in a perfect world I'm not refinancing out of those terms, and I'm not giving up equity to a money partner. 

I think Chris makes a good point of determining the strategy - performing 1st position notes is always a safe "dipping toes in the water" type of note to go with. 

Just fyi, I kept encountering new investors (in my coaching business) who had seen/explored Section 8 Karim, so I spent some time on his website, etc., evaluating his claims.

If structured well, this strategy will position you for rapid expansion.

@Renee LeFevreTo rent out your basement, follow these steps: check local regulations, prepare the basement with separate entrance, screen potential tenants, draft a lease agreement, set the right rent price, consider tax implications, update homeowner's insurance, and build a positive tenant relationship to attract quality renters.Good Luck!

If you're gonna lend you need to be 1st position lien.

@Frank Newsome the profile you started here on BP yesterday, doesn't show where you are from.So, not sure how you picked those 4 markets, other than they are all in Michigan.We're in the Metro Detroit market, not the other 3.Our website has a map showing all the cities in Macomb, Oakland & Wayne Counties, that make up Metro Detroit. 

I’d love to hear any advice or personal experiences from others who have been in a similar position.

In today's world you need to be about 28-35% down on properties to be gross cash flow positive, closer to 40-42% to be truly net cash flow positive(i.e 50% of your income goes to maintaining the property, other 50% is actually profit).My recommendation is to buy ideally a 4/3 SFR that's a starter-friendly one in a good area, and rent it out by the room.

Hi Tom, Sounds like you are in a good position and have options!