I've replaced specific details with 'xxxx'.Terms of Payment (interest only): On or before March 15, 2024, Borrower shall make a prorated interest payment for the month of March 2024 in the amount of xxxx per day beginning on the date of execution of this note through March 15, 2024.

I'd like to slowly move towards the investment and property management to hopefully replace my W2 income, slowly but surely. 

@Taylor Cave  You make it sound like you can place 8 students in an 8 bedroom house and collect $500$-650/bedroom.

Give the cost of money these days is around 7%, it would definitely be nice to have a paid off rental.7% cost of money sounds like a lot until you remember that it is actually the tenants that are paying it for you while your money is sitting in an index fund making 8%.

Sounds like a great idea!

There was already the tentative possibility of moving out of it altogether which sounds like would be beneficial in order for it to qualify as >50% business use.  

My understanding is that in order for Investor A to use the 1031 exchange to defer taxes, he has to purchase replacement property and not use those sale proceeds for his other properties -- or quite frankly, anything else. 

It sounds like most of your issues came to light during your due diligence.

However, if you ever want to replace that home, you'll have to move it off his lot.I would consider appraising the vacant land and trying to cut a deal that's fair.

It's not going to cost you 10x the price to replace the HVAC in SF, than it will to replace it in OK.