Is there anything I should/shouldn't do with this purchase in regards of my mortgage, down payment, etc. that will better prepare me when I look to purchase another investment property?

The primary test used to determine whether an instrument is a security is the Howey Test, which originated from the Supreme Court case SEC v.

That is what I am uncertain about but know I have to be prepared for it in terms of the hidden costs beyond the external fixes for the property.

Any well-run NOO STR close to the nightlife/universities/sporting events does well, along with medium-term rentals for travel nurses, people giving Nashville a "test run", etc.

There are a lot of great licensed and experienced pros on this site that are happy to answer basic questions, but don't turn to an estate planning attorney on here and ask them to prepare your will for free in the DMs.

I’m new to the note investing space and want to start off with buying a partial note to test the waters.

Understanding local market dynamics, building a trustworthy local network, and being prepared for potential travel are crucial steps to mitigate these challenges and make informed investment decisions.

Consider adding features that support a communal and supportive living environment.This is a good start, as renting properties to sober living homes in Colorado involves thorough preparation, understanding legal requirements, and establishing connections with reputable operators.

You will need to have a personal financial statement prepared if you don't already have one. 

Prepare yourself to hear a lot about Columbus over the next day or so.