Also, if you have the ability to convert it to a form of self directed you could invest in other instruments such as private mortgage.

My mortgage + Principal + Insurance + Taxes & Condo fees = $2,144.62 ($1,719.62 + $425 = $2,144.62).The condo which is currently rented for $2750/month, so I make around $605.38 per month.I am evaluating the possibility  of refinancing (Or using other type of financial instrument) to buy another investment property.Is there any advice that you can provide in terms of using a financial instrument to buy another property?

@Ashley Brun,I recommend @Jeff CopelandJeff has been instrumental in building our portfolio. 

I'm interested in debt instruments and how I can be a fat cat too ;)Please advise.

A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: Makes your ownership in a qualified home security for payment of the debt,Provides, in case of default, that your home could satisfy the debt, andIs recorded or is otherwise perfected under any state or local law that applies.In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender.

@Jay G.You may not mix personal funds with IRA funds or put a personal guarantee on any debt instrument associated with the IRA.You would need to joint-venture with another investor who is not a disqualified party to your IRA, or utilize a non-recourse loan -  likely from a private lender in the situation you describe.

Any alteration, change or modification of or to this Note, In order to become effective, shall be made by written instrument executed by both the Lender and the Borrower.SIGNATRES AND NOTARIZATION BELOW--------------I showed this to my attorney, not specialized in REI, and she said it's missing a ton of other aspects.

I too did research and found your post instrumental in choosing Memphis Invest.I do have a few questions for you (if you don't mind): You calculated only 3% of rent towards CapEx, isn't this too low?

More musicians and not enough instruments.

What a long road to haul.As I understand it, as I have never reviewed one of their instruments, the family is obligated and the obligation is to some extent automatically assumed upon the passing of the elderly family member.