There are lots of instruments you can use, the purest one would be the true marginal investment - the annual cash flow (CoC) of another property in your market you could buy with the proceeds. 

Their whole model is to issue the securities to cash themselves out and then leave the investor holding the bag.Theirs a sucker born every minute though and since these funds are so big with all the backing, they'll find a way to sell their debt instruments or whatever it is they're issuing.

The reasons I'm aware of for people preferring notes (or other debt instruments) vs. equity (RE buy-n-hold) are:RE equity investments are already tax efficient.

Hey @Tim Ivory for a wholesaler the contract is an extreme important instrument to structure a wholesale deal.

I replied, fine, but it clearly says in the property description that it is 'unsuitable for children under 12'.

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(1) The term "Security": means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, traddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.(2) The term ‘‘Person’’ means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof.

I'm attempting to create a scenario where I only receive interest income, and the only way to receive any capital gains would be when the buyer eventually refinances the property and pays off the debt instrument in full.

“Federal judgment”: Judgment rendered in federal court and is in favor of the United States of America or one of its agencies, departments, or instrumentalities.

But they won't sit down with an instrument for a couple hours a day for a decade or two.