You're running a business...the tenant does not 'inform' you when they will be paying their rent...they are contractually liable for paying at specific amount on a specific day. 

For example, $50,000 loan at 10% paid out evenly over 10 years.Like I said, super new to this part of the business, so trying to wrap my head (and spreadsheets) around it.

I was going to add, as posted above, it's a great rate and stick with that local credit union for the future business. 

This lender is probably in the residential niche and is trying to get your business for a loan.

yes, its a people business.

Many are buying properties, doing minimal renovations to keep their crews busy, and selling with small or zero profit margins.Cash buyers are a priority.

You Can Only Have 35 Non-Accredited InvestorsRule 506(b) allows an unlimited number of accredited investors but restricts you to only 35 non-accredited investors.However, there’s a catch:Non-accredited investors must be financially sophisticated.They must have enough experience to evaluate the investment risks.From the SEC:“Securities may not be sold to more than 35 non-accredited investors… [who] must meet the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment.”If you’re planning to include non-accredited investors, make sure they qualify—or you could be violating SEC rules.3.

My core investing philosophy is pretty simple, and has done very well across almost two decades and numerous cities:1) Invest in cities with population (and job) growth2) Invest in parts of the city where household income is near the median (or slightly below)3) Invest in properties that provide cash flow from day 1 Thank you for sharing that. 

If your state is an expensive one it might be cost prohibitive to have an LLC for a small rental business.

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