It being a five unit puts it out of range though.Being a novice, I have the following question.

Great strategy for the following reasons: passive, secure (low risk) and nice double-digit returns.

If I had a rough checklist or something I could follow, I truly believe I would find success.

Followed this up with a terrible construction draw administration process and then due to some contractor issues we missed the sales covenant....

Following this!

I am planning something something this week for the following week.

Follow the advice above and get out there and attend every real estate meetup you can to build your network and learn what is working for other investors in the market.  

lots of good books out there on this but I personally boil things down into the following 6 categories. 1. seller finance2.

Recently its down to 4.82%, so if we keep in mind our margin or the fixed portion the lenders add on top of the index to come up with your daily rate calculation is going to be as follows:4.82% + 3.75% (example margin for AIO) = 8.57% so we'll round it up to the nearest .125% which should be 8.50% interest only.Given that prime is 8.50% already and there is a margin on top of Prime for most HELOC's out there from .25-3.00% your traditional HELOC would be much higher rate than your comparable AIO loan comparatively.So just some food for thought.

A good custodian will be there to support you and provide education every step of the way; you may find you don't even really have the need for checkbook control (also a good option to ensure you're being extra careful following prohibited transaction rules).