Unfortunately, it's now going to get more complicated:(There are two types of approaches PMCs use to bill for maintenance:1) In-house ServiceTechs on the payroll, so owners are billed for their time by the hour.While the labor charges above are useful, they don't cover the true costs a PMC incurs, like:- Payroll costs for FICA, Social Security, Medicare, etc. that typically add 25-40% to the hourly rate- Medical insurance costs for the worker- Payroll processing costs to handle all of the above- Liability insurance costs in case worker damages something or injures someone- Workman's Compensation insurance- Costs of vehicles and tools- and more...Typically the management contract will disclose the total hourly rate an owner will be charged.

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

Other notes: - Higher density multi family properties can be very hard to secure on the coast, but very profitable.

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.  

Since they are responsible for maintaining the relationship with you after the transaction closes, this approach adds an extra layer of confidence and security to your investment. 

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

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

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

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.