At the very least you'll always know where you stand in any given situation, something few investors are secure about.  

We have secured a home equity loan against our home (which we own out right with no mortgage payment).

I was hoping for some idea to secure the Promissory Note but it seems that's not available.Thanks for your response. 

I had two lines of credit one unsecured for 5 million ( check book) and another for 10 million that we would secure them up with .. but you need time to do that bank required appraisal etc before we could tag the secured line and even at that they only lent 72% in these commercial loan structures..

The second one to build a security net.I've simplified the deal a lot but... am I missing out something obvious?

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

You must keep the tenants security deposit at a bank that physically operates a branch office in the State of NC.  

As I’m saving up for my first investment, I would like to learn more about the industry - and it would be nice to earn some income while doing so.Are there any specific skills or knowledge I need to secure a VA side gig? 

You can borrow  against a 401k or another property you own for example, but that would a secured loan.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.