In terms of your actual question about notes vs. real estate, again mileage will vary by all the factors above but my own opinion notes are designed to have more protections (i.e. they are debt) but have disadvantages as well such as that you get no appreciation, less tax benefits etc.  

Also, I've never taken a class in economics, so I'm sure I'm at a disadvantage to your wealth of knowledge on the subject, but I come here to learn.

yes Harry both syndication and direct REI has its own advantage/disadvantage.

I'd recommend traveling to conferences and trying to pitch your plan. you'll see you have to step it up, have underwriting, etc because the guys like me competing with capital have all that and if you don't you are at a disadvantage 

Biggest disadvantage to building an ADU within RR Zoning areas of Lane County is that it can not be used for vacation occupancy. 

Another disadvantage we were facing is that our rehab completed the week after Thanksigiving, and finding renters in Al is slightly harder during the winter months.

Do you think that would put me at a disadvantage to go the commercial route?

I don't see how having a license would be a disadvantage in any way. 

Once the title is mine, are there advantages/disadvantages to taking a home equity loan for travel etc.

Avoid having to do any title transfers.Any disadvantages?