Darren M.if your plan has loan policy in place you can borrow from it for up to $50K or 50% of the balance, whichever is less.The other option you may have heard is using self-directed IRA.

So there are trade offs whichever way you go, and it depends entirely on the investor as to whether one method or another is best for them.

Michael Wentzel  I am in the process of reaching this myself so interested in what experienced private lenders have to say but below are my notes from my research:Draft promissory note with loan termsDeed of trust or mortgage agreement whichever is required by State is recorded with first lien position which secures the lender’s interest (Title Company or Attorney)Appraisal paid for by the borrower but done by an appraiser I chooseGet 1003 loan application and a credit report on the borrowerDo a criminal background checkVerify that borrower has the cash reserves to carry through with jobVerify borrower past experience of successful flipsVerify realtor, broker license, etc.Detailed breakdown of the rehab.

Which ever they choose you are better off.  

Whichever strategy you go with, depending on the market you choose and who you choose to aid in your acquisitions and management, you can do very well.The scenario you land on will ultimately depend on your goals.  

In an acquisition, the bank will lend you based off of a % (usually 75%) of Loan to Cost (LTC) or Loan to value (LTV) - whichever is LESS.So, you buy a property for $100k, it appraises for $140k.  

Is this possible to do, if the numbers are good enough to cover the debt to both private lender (HML or PML) & owner finance payments or bank mortgage (whichever is used).

Whichever came first

The City's amnesty program will allow me to pay them off for $2000 or 10% whichever is less plus a $400 filing fee, after all the issues are corrected until then the fees keep accruing.

Please keep in mind that the better scenario for me might be whichever gets hims to budge QUICKLY.