Great story shows the importance of tying a loan to a property and ensuring the borrower has enough equity that everyone gets paid if the worst is to happen.

It takes time to vet the right borrower and to do your due diligence on the property.

The Solo 401(k) also has the advantage of being more favorable for real estate investments using debt-financing such as a mortgage - as the 401(k) is exempted from a small tax called UDFI that an IRA would pay on the percentage of income derived from the borrowed money.So, as you continue your research and get feedback here on BP, think about what type of program will best suit you needs and be sure to ask questions along that line.

And how long is your friend borrowing the money for?

My plan is to borrow money from family to buy a condo with cash that I intend to rent out  longterm.

Go borrow from a HML on a rehab-flip. 

From there you'd essentially be sub-leasing to your subsequent borrower hence the "sandwich" with you in the middle.Can it work? 

There is also debt to income ratio, time on the job, how much you want to borrow, how much you have to put as a down payment, bank returns, tax returns) and they can tell you how you can get ready for your purchase. 

If the program is revoked, any de legislation has been for new borrowers only.

These are private investors or companies that base their decisions on the asset, rather than the borrower.