The more this is, the stronger the tenant buyer's claim they have an equitable interest in the property.You also want a separate security deposit that's part of the lease.

I have secured private money for the rehab and purchase at a very good rate.

During this time Blank will give a promissory note that will be guaranteed by Blank, and secured by this project.

Thus, my allowed 1 1/2 months security gets eaten up in that time frame (no cash loss).

Several days ago I called the tenant to see what time they would like to meet for move-in/exchange of security deposit/first month rent,etc.

I had a steel security door installed.

I convinced him that rental real estate was our way to a secure future.

You missed a BUNCH of the expenses, such as damage done by tenants in excess of the security deposit, advertising, entity maintenance, legal fees, evictions, lawsuits, office supplies, etc, etc, etc.Throughout the United States, operating expenses run 45% to 50% of the gross rents.

It seems like most banks do not lend on notes secured by land.

What I would do is research who is in charge of the HOA through the Court records, former correspondence you might have received, attorney who represents them, etc.