@Erin C. surround yourself with people who are willing to let you learn if you prove that you won't waste their time.

If the money is used for consumer purpose there are a boat load of disclosures, licenses and regulations you need to comply with.Also, what is the value of the collateral, if should be substantially more than the loan amount or you could become partially unsecured both as a practical matter and subject to cram down or lien stripping if borrower decides to file BK.Also, if you don't have a deed of trust to go with this note it's unsecured, it then becomes expensive toilet paper.Also, you should get the deed of trust insured with a ALTA lenders policy.Also, this may be a personal thing but I like monthly payments, not everything at the end. 

You just buy the rate down, even into the absurd diminishing returns range, because it isn't my buyer-clients money, it's the seller's money, and I'm perfectly happy to waste the seller's money if it gets my buyer client even a slightly better deal.

Buying a home in the Bay Area is too expensive for them, and most are already loaded with debt from college. 

include predictable appreciation (or use IRR) to have a fully loaded return calculation; otherwise, you will not be able to properly benchmark across property classes

Tenants tend to care more about a drippy faucet or toilet flapper in their home if THEY have to pay for the wasted water.

There are many people with loads of liquidity that would be happy with the 10% interest. 

Waste of money and waste of time.

You have the right mind when it comes to no wasting money renting.

For one, it's a waste of money.