It might be better to buy with your private lender and buy them out with a future refi and payoff the seller, can't tell.I suggest you check first on alternative financing and ensure you can obtain funds rather than speculate as to when you can meet the obligations created.Note terms can have endless possibilities, it needs to work for both you and the seller.Much has been written about financing concerns, I suggest you see your banker and/or a mortgage originator to guide you specifically so that things may be planned.There is an old thread that has aspects that are applicable to your thoughts, not entirely but aspects, "What do you want Mr, Note Buyer" it's long, but there are gold nuggets in there you should understand. :)

Endless unemployment benefits, might as well wait until a better job comes around.

Tom mentions the possibilities are endless with no debt, I am not sure I agree nor even understand what a long list of alternates look like.

Best of luck with an authentic, educational (and still entertaining) series...I think often of the Glen Campell song lyric "endless compromisin' on my horizon.....like a (chorus) Rhinestone Cowboy"... in the equation about being authentic and real versus just a popular or commercial success....

I'd like a lower down payment percentage if you're only getting an 8 cap on the deal unless your parents have an endless supply of cash to lend you.

New construction - that really has not been present for several previous years - will increase supply to the market in a big way.New home construction in the suburbs will also compete for occupants - and there is a seemingly endless supply of land to develop  as the population grows as there are no barriers to entry.As home loans become more attainable, more people will likely buy rather than rent.While I believe Texas in general will continue to lead job growth in the US, Dalas apartment investors should be cautious of a rapid over supply in the market. 

And then there are other levels of private lenders that have endless capital, lower rates and lower fees and easier access to their capital than the smaller private lenders you are seeking.  

You save your endless travelling time and have a life.

But those have been degraded by "the endless parade of B.S. artists coming into the real-estate-investment-advice field.

What I'm actually really interested in is what made you finally act on your interest in real estate, as opposed to merely thinking about it.I have been pondering this same subject, it seems there are endless people who know what to do, but very few who do what they know.Its in those moments of living in the now that people begin to move forward.