But the fact remains that you would be paying for 3 loans essentially.  

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

It's essential to verify if your property falls within such a mixed-use district.Special Authorizations: In M1-2D districts, residential uses may be permitted by authorization from the City Planning Commission, subject to specific conditions and bulk regulations.

It's not a good combination comparing oneself to something that is essentially extremely "better" (extremely easy, extremely successful, extremely lucrative) 

Lots of good advice above- I think an active, professional network of pros that know and trust each other is essential.

Taking the time to get these elements right can save so much stress and headache down the line.

Where can I find the labels for gas meters that are resistant to the elements?

Quote from @Chris Kittle: Quote from @Trevor Finn: Hi @Chris Kittle,Your list covers the essentials!

Financial discipline is essential.

South East Texas should have a few experienced crews, so ask around locally or check reviews.One tip: make sure to prepare the new lot properly—things like leveling the ground and checking utility hookups are essential before the move.