While there are several reasons why you can be targeted for an IRS audit (including running for an office, it seems), the most common reason is the IRS computer finding enough "red flags" in your numbers. 

You can always include the cost of the land into a construction loan but if you purchased it already it can play in your favor.At the bank we do all of the work you basically apply for the construction loan and the Building department along with processing sets up the entire process.

They may or may not require underwriting on you as a person, including credit checks, asset levels, etc. 

Although we have to have positive cashflow after rent up phase of 18 months or 60% occupancy, which includes P/I.  

Most note investors are aware of SOLs but believe the shorter note SOL applied for both (myself included at one time).

I found all sorts of things to reference for an eviction including excessive damage to the property, signs of an animal, lack of yard maintenance, oil spill on driveway, smoke detectors removed, the unit smelled of smoke, appliances that came with the unit moved off site ect... 

Your current Lease and payment terms are recognized until [DATE]; however, moving forward, please send all payments, maintenance requests, and correspondence to the address listed at the top of this letter.If you are currently using an automatic draft, cash deposit, or other form of payment to pay for your residency, please contact your financial institution immediately so as to avoid any late fees and/or eviction notices.I have included with this letter a Tenant Update Form for you to fill out.

Ensure that all deposits, rental payments, and other financials are correctly transferred, including any past due amounts or credits that may be in place.

@Sam FaasAn owner financing agreement between buyer and seller should always be memorialized in a written document that includes the specifics of the deal.

If you can't find local deals that make sense, you might want to expand your market area to include nearby secondary or tertiary markets, or even consider bigger properties farther away.