If I lend money as a first lien holder and get interest payments only (no profit on the back end, etc.)?

My quick math says, 60K (30%) down, morgage payment $1000 plus $230 /month land lease and $125/min for taxes.

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Mortgage payment is 585$, rent amount is 1320$ currently.

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If I understand this correctly, I don't have to accept any form of late payment and can continue with the eviction process?

Mike still has his original loan and still is responsible for making payments on it.

Purchased a home during the pandemic, value has gone up roughly 2.5(estimating), believe i have enough value in a HELOC to get a down payment on a second home.. is it a wise decision to add that to my plate then rent the first house for mortgage payment+?

Should I wait until I have enough savings for a 20% down payment and do the same again?  

Banks and CU have something called "High Cost" rules which means a mortgage under $75K generally is not large enough to include or finance their hard costs plus fee's.Some DSCR lenders offer a $75K minimum after down payment but rates are usually above 9.75% even with good credit and carry a 2-3 year prepayment penalty.