I want to sell it and use the money to buy a primary residence.I am wondering what the tax implications will be, such as capital gains, paying taxes on items that I have written off/deferred, etc. 

In my view the amount you pay for this course is nothing when you compare with knowledge you gain and actions you take. 

In my opinion, you are probably better off getting your own rehab, fixing up your own property, and gaining the equity in the property...

Probably considerable enough to offset any perceived gain in paying off the loan.

It helps that there are a lot of people all vetting these deals together, so we all gain the benefit of each others' expertise. 

I would like to sell the property to the restaurant operator and they are willing to buy. i want to hold the paper on it to get the interest and what I'm hoping for is deferring the capital gains taxes until the balloon payment would be due in 5 years.

There are many side hustles, and there is no "one fit all".Real estate investment is a long run and if you like to go there is neither is easy nor passive.

s mentioned JV is best initially ..always pays to be circumspect and cautious the first few, once you gain confidence all alone is good to go!!

However, I would like to gain some practical experience in the world of Notes as well.

Learning about various investment approaches has been overwhelming and taking that initial step toward building passive income streams seems daunting.