For your mortgage, a 30-year loan will give you lower monthly payments, which could be ideal while starting out.

Right now we are just using private individuals.

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Hello, It's Yusuke from Chicago.I heard that UWM is lending a HELOC not only on a primary residential but on an investment property.I own a rental property and would like to take a HELOC on investment property.The problem is that they don't work with borrowers directly and have to be through mortgage/loan broker.Is someone working with UWM (United Wholesale Mortgage) ?

If it is a private seller, your credit can not be affected by lates.  

I used bank/credit union mortgages for 80% to 97% of purchase prices. 

We acquire distressed mortgage notes and work with homeowners to find solutions that allow them to stay in their homes or transition smoothly.

IE rent to a tenant for >12 mo,  dating before marriage, no late payments then with a down paymetn (long story here)  I'll sell on either a contract for deed (typically mobile homes on land) or a note and mortgage (regular nicer houses). 

It’s a larger house (3500 sqft. 5 bed), but is secluded, private, centrally located, and sits on nearly 3.3 acres of the East Bay Hills, with open space as far as the eye can see outside.

Generally though, you can deduct interest on the mortgage up to a certain point.