Mortgage appraisal reports are written for people like him, and so very often certain things go unsaid because it is expected the intended user of the report (the lender, not the borrower) understands many things without needing explanation.

That might or might not be the number generated on the 1099 the borrower is going to get (Assuming a deficiency).

It's just like borrowing money from a bank, except I'm paying back my 401k and the interest goes to myself instead of the bank.In this instance, I bought a home with a partner using the money I borrowed, and my partner and I formed an LLC using our own names, not my solo401k name.

If you are maxed out and your bank won't lend you more, then pay down one of the mortgages to give you more borrowing room.

If you find a smoking deal, borrow some from friend and family, take it down with cash and then fix and refinance and then pay everyone back.

A question to experienced private lenders, what information do you request from your borrowers as part of the vetting process? 

I like Dave Ramsey and I know he would tell me do not borrow. 

In that case the lenders rely more heavily on the borrower and their income.

You don't always need 2 years on the job, rental income doesn't always need to be on 2 years of tax returns, you can use borrowed money for down payments if it's structured right, you can get a rate below 4% if your FICO is under 700, I could go on and on, the devil is in the details, not in the bullet point from Joe about how brain cancer is the sole source of knee pain in the United States (it was for Joe, it may, or may not be, for you).

Well, I'll quote FannieMae.com directly here:"Borrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts."