I know many companies that do this. this would not be a security as long as you they are not getting profits from the deal and are financing the transaction as a standard loan and recording a deed of trust.Some good info here on a note:The Court provided four factors to determine if a note sufficiently resembles the types of notes that are not classified as securities.

Hey Jordan,Memphis and Atlanta are vastly different in my opinion.

You need to have the income from the property after expenses have sufficient income to cover escrow payment and expenses to break even or to cash flow a little bit. 

The vast majority of the population, anywhere in the world, prefers the instant dopamine hit to the slow morphine drip.

Why not put the vast majority into something secure, and take say 50 and do your first deal together?

You inspect, you may need to negotiate repairs or price changes based on your findings, the bank appraises it to ensure they can underwrite the loan, then you close.If you find yourself anxiously waiting, you can do what the vast majority of investors never do: educate yourself on how to manage a rental.

I spoke to a local lawyer who mentioned keeping all documents together instead of seperated, as being sufficient enough to cover all legal issues.

However, these factors alone may not be sufficient legal grounds to terminate the lease unilaterally.

Because dual agency is an impossibility (I’m a lawyer) and if I want to see one property I don’t want to be tied to an agent simply because I wanted to see a different property.The listing agent’s fiduciary duty to his seller client should be sufficient for the listing agent to just do a no agency showing agreement with the potential buyer.

Now the landlord has to eat the cost of the attorney, it took a month or two longer, probably will raise rents, screen harder and ultimately the vast majority of good tenants get to pay the price.That's why I donate my time to the RPA Rental Property Association of Wisconsin, which is a local non-profit REIA and we lobby in Madison for sustainable landlord tenant laws - if you are a Wisconsin investor, please consider joining.