Alex,I'm not sure what distinction you are looking for.

After that I was like a hound dog on the scent.

Whichever one has the equity to make your private lender feel secure, that's what you'd do the mortgage on.Yup, this will be a distinct mortgage, with it's own payment... that you can set up so it's ballpark what your proposed partnership plan would have paid the partner.Even though it's secured by a different property, you'd want to analyze the cashflow of the property keeping in mind that you're using some of that rental income to pay this private mortgage.You are maintaining 100% control of the asset, so you don't have to fight with your partner over how to deal with a pesky tenant, etc.

Even in the state that has the distinction of having the highest property taxes, 100% of my properties cash flow.It might be a good rule to be picky!

Make the clear distinction between your primary residence, and investment property.

There are two distinct risks:  (1) a correction in the real estate market; and (2) the risk of a recession - with us pushing past full employment, this looks ever more likely now, hence the Wall Street selloff.The recession risk is very important.  

Many don't make that distinction.

I know people who think its a dumb move but there are distinct advantages particularity for a newer investor. 

That's just a cost of doing business, which is fine, but I guess my point is just to respond to the earlier question related to the distinctions between crowdfunded and non-crowdfunded deals, so this is an interesting discussion!

I assumed he was referring to a 1st position performing note.No worries NPN and performing NOTES are two very distinct different investments.. one takes work and a certain amount of riskthe other if done right takes little to no work and is passive with very little risk... and the returns are adjusted for work involved and RISK