If you are using cash out to pay off consumer debt or buy a personal residence, the interest is not deductible. 

Pick a strategy and start taking action!

Congrats on putting yourself out there and taking action. 

So for the beginner or advanced note buyer as stated you need massive equity coverage as a bad note that has to be foreclosed on can take years if you cant get them to give you a DIL or U need to clear title through the foreclosure action.

I suggest consuming as much information as possible via these sources.

Allowing him to simply move in opens up the possibility of ending up with a tenant that has not been vetted or screened, has not paid a deposit, has not provided their info with which to take legal action such as an eviction/send him to collections, etc.

I love seeing military members take action.

I'd love to talk to you and help you figure out a plan of action that works best for you!

But one must start somewhere, one must finally take real life action, and one must continue to fight the good fight (stay focused, don't give up, always strive to learn new things, always network, and keep pushing the limits of your goals). 

@Mitchell Gisi Hire an attorney to file a quiet title action.