So here goes: I would love to get my real estate license, for all well known perks in the real estate investing world, but I hear that in Oregon its not as simple as getting the training and taking the test..  

No again, I'm sure of it.Does any real estate school give your money back  if you can't pass the test, no, but they may give more instruction, have you keep taking the test and they might beat a dead horse if they have to, but I don't know of one that gives you all of your money back. 

The police came, got someone to test the well and arrested her.

@Jay Hinrichs My wife just finished her RE training and is taking her test next Friday, I agree 100% about the value in that. 

Just check with your attorney to review contract(s)- Buyer gets a free "test drive" on the property, so they know the quirks of the house- Buyer can also use this as leverage and negotiating power over the course of the option- Buyer gets the privilege of the seller not being allowed to market the property (for sale or rent) by entering into an option agreement.  

You may want to test the waters before putting an earnest money deposit on the line. 

I wouldn't be too tough on background test either, just have a solid contract.

There are several reasons people do this: they may not have enough capital to buy the full amount, they have the capital but want to spread it across more then one loan to diversify, It may be a newer note and they want to keep their investment to value ration low (ITV), they may be building a laddered maturity and want a specific duration so they have something closing out each year. they may not be sure they want to invest in notes and want to "test drive" one without buying 10 or 20 years of payments, or they may be a newer investor or busy professional that wants to have someone more seasoned with an interest in the out years who can step in an manage things if the borrowed runs into difficulty.For example we have a note in Indiana with 6 years of payments left on it and had a friend that had money sitting in a checking account earning almost zero.  

Test yourself.

Chris thank you for your input, i really appreciate it. this will def be a good test of mettle for my first deal. i will heed your advice and proceed with caution.