The mortgage or deed of trust is the security instrument that pledges the property as collateral for the note.

Which instrument will you be using to control the property - you may do a lease with an option, you could do a purchase agreement and close with a mortgage and promissory note, etc. 

Darrick P. as many suggest get a party involved that knows what they are doing which can be a licensed originator and/or attorney.In the interim to give you a better example of a better instrument you can always review what the big boys use (Fannie Mae/Freddie Mac) here is a link, you would review the Multistate Note.http://www.freddiemac.com/uniform/doc/3200-MultistateFRNote.doc

A first mortgage is in first position as a lien with all the priority rights as stated in the mortgage or deed of trust instrument, subject to property tax liens if any.  

I appreciate your feedback as it has been instrumental in helping me make a well-informed decision.

While it isn't necessarily a bad way of calculating your actual return, the return on equity is a better instrument, because it takes into account the equity trapped in your investment and compare it with your gains or loss.

Then 1031 into safer more passive instruments and stay there until you pass and let your heirs benefit from the step up basis.Do you want to step back but be ready to play again if the mood strikes - not because you have to but because it's fun?  

The endorsement is done as any check or financial instrument: PAY TO THE ORDER OF JOHN SHMUCK LLC, HOLDER IN DUE COURSE.

She has been instrumental in getting our brand out there and in front of people.

(assuming a standard instrument that has a defined maturity date and is of record) The loan can be modified and the maturity date can be advanced into the future, which as long as it get's recorded will be five years from the new date.Just to recap, you have a UPB of $74k and a RE Value of $80k or an LTV of 92.5%.