In addition to your note, with specific payment terms, you need an executed and recorded 2nd mtg/deed of trust.

In terms of rehab I'm looking to invest an additional $10,000 to make improvements, update, and clean up the house to add value.

In addition, they will not allow you to use the income from the departing property if its within 100 miles which I suspect is what Brian was alluding to. 

Here are some reasons why: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

Being able to send a realtor a good referral is worth it's weight in gold.Best of luck on your new journey!

Often landlords are looking for additional rentals.Call on ForRent.com for more landlords.Good luck to you!

Of course that floor joist carried all the weight of the roof, transferring to downstairs wall, so we had to stop the job, get a structural engineer and have a fix done. 

Fannie Mae and Freddie Mac have many different affordable housing programs out there and some allow 2nd's to carry to weight of the down payment and others do not. 

-Located near 2 major hospitals and 3 Universities -Original Rehab included 100% new bathroom, 100% new plumbing in the house, electrical updates, all new flooring, all new paint, and the addition of one new wall to create a "true" 3rd BR.

Things like having the Contractors name the property owner as an additional be included in the contract.