Quote from @Dylan Webb: Have you talked to a lender to see what it would cost you?

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates this year).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

I would recommend talking to many lenders/brokers to see which one has the most experience funding these loan types. 

Peter covers it but I was urning for that warm fuzzy before  I talk to people about their money.

Always meet in person:  This will give you a good idea of the person, if they're smoking a cigarette while talking to you, or being very negative about their previous landlord make sure you make note of that.4.)

Let me know if you want to talk.

lol It says RENTAL HISTORY not PO Box history lol. have you been able to physically talk to the applicant on the phone?

As far as a flat rate, I would talk to companies offering services as mine and ask. 

Yes - you’ll want to talk to a real estate CPA.

.:  Are you talking about creating a first 50% of the note and a second for 50% of the Note and sell the first one?