Ignore the buzzwords and make sure you are aware of and comfortable with the amount of risk you might take on with certain financial instruments. good luck.

Many instruments marketed as "debt" are not really debt per se.  

Call this EAP (Earnings after Payments)To dig a little deeper, I'll also subtract the cash I tied up ($150K is about $30K + any rehab or closing costs at time of purchase) and apply a "cost of cash" (what is my opportunity cost of that investment in a fairly safe instrument), along with any EAP (can be positive or negative) and an estimate for my annual equity build (by estimating this from an amortization table).To clarify:Annual Benefit = Annual Equity Build + / - EAP - Cost of CashNote:  This is not accurate / scientific / mathematically rigorous, and I'm not recommending it as a way to calculate returns.  

As Tim Watcke pointed out, the deed of trust is the legal instrument that gives you the right to foreclose on the property if necessary.

to give effect or force to (a law, decree, judicial sentence, etc.). to carry out the terms of (a will). to transact or carry through (a contract, mortgage, etc.) in the manner prescribed by law; complete and give validity to (a legal instrument) by fulfilling the legal requirements, as by signing or sealing."

Principal Instruments of Transfer – Deeds etc.8.

The CFPB’s Mortgage Servicing Rules require that within five days of a request by the borrower the servicer must be able to retrieve the following documents and data on each mortgage loan serviced:  Transactions credited or debited to the loan account, including escrow and suspense;  Security instrument;  Notes created by servicing personnel;  Data fields created by servicers systems; and  Copies of information provided by the borrowers to the servicer.

A long standing project manager that I had befriended in the deal has been instrumental in developing better communications with the lender.  

For example, I had never heard of a 203k loan before, but now understand that it is an extremely effective instrument.

From tax point of view you may consider: 1) seller financing - you will spread income and taxes over years 2) 1031 exchange - selling rentals and buying Realestate investment instruments