Mortgages are the customary security instruments.

The security instrument (mortgage or trust deed, depending on what is used in your state) is what is recorded and that is what secures the loan to the property.

A "deed of trust" is a security instrument. 

Wherever thetext of this document so requires, the singular includes the plural.Dated: ______________________________________________________ _________________________________________A notary public or other officer completing this certificateverifies only the identity of the individual who signed thedocument to which this certificate is attached, and not thetruthfulness, accuracy, or validity of that document.STATE OF )SSCOUNTY OF )On before me, , Notary Public, personally appearedwho proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the withininstrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that byhis/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed theinstrument.I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.WITNESS my hand and official seal.SignatureThis area for official notarial seal.A notary public or other officer completing this certificateverifies only the identity of the individual who signed thedocument to which this certificate is attached, and not thetruthfulness, accuracy, or validity of that document.STATE OF )SSCOUNTY OF )On before me, , Notary Public, personally appearedwho proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the withininstrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that byhis/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed theinstrument.I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.WITNESS my hand and official seal.SignatureThis area for official notarial

It would be odd to have no closing costs on a HELOC as it is a security interest like any other mortgage or deed of trust... so the instrument will need to be recorded, title insurance may be required, there may be closing fees and transfer or recordation taxes due, etc., depending on where the property is located.For those who think they paid no closing costs either the bank covered those or they in fact paid them because they were included in the first draw.

Pro -  You have no mortgage obligation every month so there is no need to freak out every month  a tenant is late with the rent.Pro - You have no mortgage obligation every month so there you don't feel pressured to rush to fill a vacancy with an unsuitable tenant.Con - You have no mortgage obligation every month so there is less of a tax write off and you are more likely to pay more taxes on your rental income.

That past has been instrumental to my success in real estate. 

I was fortunate enough to get a job in manufacturing at Texas Instruments and TI helped pay for my college.

The owner financing acts just like any other lending instrument. 

Code Section 40-10-74 says: If the mortgage or other instrument creating a lien under which a party seeks to redeem is duly recorded at the time of said tax sale, the said party shall, in addition to the time in this title specified, have the right to redeem said real estate sold, or any portion thereof covered by his mortgage or lien, at any time within one year from the date of written notice from the purchaser of his purchase of said lands at tax sale, served upon such party, and notice served upon either the original mortgagees or lienholders or their transferee of record, or their heirs, personal representatives or assigns shall be sufficient notice.