Here's what I am thinking: if I CAN buy the property, ask for him to sell it to me for a lower price (like 350k -- that way he gets 100k) but then doing a prom note with him for an additional 50k by pulling out equity and paying him around a year later.Do you think this idea is smart or doable? 

The idea is to not "wake sleeping dogs" and while at the same time not having issue on my next purchase. 

Do you know is it different today with the idea behind "subject to" purchasing in IL?  

Lending capacity should only matter to those with large borrowing needs and require large legal lending limits but that wouldn't apply to hard money lenders anyway.

I recommend learning your states laws and limitations around LLC's and working with some professionals in your area to help you determine your risk tolerance 

A profit-sharing plan tied to retention and income is a great idea.

When you say country subdivision do you mean outside city limits, or just not a large city?

As a hard money lender looking to fund $10MM+ in deals in 2025, our hope is to connect with similar sized hard money lenders, ideally in different geographic area, that are looking to create a small network to bounce ideas off of, learn from, and engage with regularly.Welcome to BP, as a lender happy to connect with you and network 

@Daniel Hyman good idea.

Quote from @Dunn Dela Cruz: Quote from @Jon Crosby: ForemostIs it a good idea to keep my homeowners insurance while obtaining a STR insurance?