I would like to say that Brokers add value, and will help you fetch more for your property. :)That said, I would do everything.- Post on Craig's List, Zillow, BP, etc.

There is a Mortgage Recording Tax of around 2.175%So imagine you buy a property worth $2 Million, put down 20% or $400k.Then you create another lien, say $500k.That will cost you $500k x 2.175% = $10,875.Further, if you really want to make this a valid loan, you would probably create a LLC, fund it the $500k, have it establish the new lien on the property, let it get paid the Interest.Now you will have to pay tax on the Interest and filing fees for the LLC and have a CPA do your Tax Returns.That might be worth it to someone, but to me, it's a little over kill when you can just get an umbrella policy for less than $300 per year that will cover you an additional $2 Million.

Now I do see it sometimes on MUCH LARGER DEALS.I saw one the other day an office building for 55 million purchase 53% occupancy.

He proceeded to tell me that if 4 investors invested in a property that they bought for 1.8 million (College Housing) is chump change to what they could do with a Chick Fil A.

You have millions of options out there, so take the time to find the right one, and STICK with that one. 

This deal could nwt me in $ 1.2 - $1.4 million range.   

I'd take this as a big red flag that you're on the verge of putting $1.015 million into a project that will only be worth $850K.

And off Northside drive by the Friendship Baptist Senior home (directly across from complex) the project homes have been demolished preparing for a multi-million dollar mixed-used development.

As your cash flow increases each year then you slowly up your lifestyle but the percentages are still conservative.It's kind of like the difference between someone buying a multi-million dollar house to live in that barely qualifies.

Some may say that it is part of the cost of doing business, but I had a friend who had the copper wires stripped from his $2 million dollar house during construction.