Check with your lender first—they may allow it if you personally guarantee the loan.2.

I borrowed $30k on a personal loan from Discover for 15% with no fees for a plot of land and paid "cash" for it.

Because we have a very large community of investors that buy thousands of homes across the country every year, we are able to negotiate better buying opportunities (and loan options) than you would likely find on your own as an individual investor.

There are several myths that we have to debunk before someone truly believes they can do it.You need millions of dollars to do a dealThat it’s too complicated to figure outThat permitting takes yearsIn those communities developments cost way less (think a couple hundred thousand along with a loan from a regional bank), permitting is not difficult (much less red tape), and the towns are small enough that both the city staff and the local architects and engineers and contractors all work with you to help you navigate the process since you’re all invested in making your community better.Note: The big boys can play in the primary & secondary markets.

All this does is report their payments to the credit bureaus like how your credit cards or car loan company reports payments to the bureaus.  

Now let's say I find a triplex that covers the 1% rule but combined cash flow from all 3 doors is roughly $150-$200 or would you want to keep it at $150-$200 cash flow per door with the 1% rule applying? 

For smaller investment amounts, we often see investors providing private loans or notes to other investors for their projects, which can offer attractive returns with the right due diligence.

The deal will leave the seller at your sons mercy for decades (the life of the loan).

@Kwanza P.Leveraged means using a loan (leverage) to buy the asset. 

Financing might be a challenge.I would recommend consulting with a attorney, loan officer, and CPA to discuss your specific situation and determine the best course of action.