It has been so instrumental in our investing journey, and in my growth as a real estate agent.

A lot has changed in 4 years, but my mortgage broker was instrumental in making this happen.  

(Do a Google search for "piercing the corporate veil")The mortgage is a debt instrument secured by collateral (the property) to ensure that the bank is paid.

Immediately after the purchase you can unlock that equity with whatever debt instrument you choose and use the cash for your own purposes.You purchased as much as you sold.  

Since I went over budget, I have it on the market now so I can pay back the loan and re-coup the money I put into it.  

Banks are still giving money out, lots of borrowers have reserves, and banks have financial instruments to lock in their cost of borrowing over a certain amount of time.

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.