@David DachteraI thought tax returns and certain land record instruments could allow a judgement creditor to determine who the beneficiary is. 

It should be a clause in the instrument that secures the loan.  

Not sure what stage of pilot training you are at, but I am working on my instrument rating, and am finding it a challenge to find balance between getting started in real estate investing, my other home business, and focusing on ground school and flying. 

Everyone needs second chances, by you helping out you were instrumental in bringing the sparkle back in the eyes this 64-year young investor.

According to Chapter Four:"At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied."

If the music is too loud and there is a complaint, they send a letter to you and the tenant...just to name a few.  

The JV is NOT a recorded instrument so the managing member of the LLC could potentially sell the duplex on you and keep the money. 

I'm purchasing it for $103k and after repairs it should appraise at $150k after 1 year (or less) of seasoning.The plan is to have him occupy using an instrument that will allow him to refinance after 1 year.  

That's music to my ears. 

You will need both of these documents - the security instrument (either a mortgage or Deed of Trust, depending on your state), a promissory note, and you may potentially need other items, as well - again, depending on the laws of your state.In my personal opinion, a loan with only origination points and interest is much easier to than a loan that gives the lender partial equity or a portion of the profits.