Your initial balance sheet should look something like thisAssetNote receivable - $10,000EquityDavid Hite - $10,000When you get the payments from the debtor - you will record a portion of the payment as payback of principal and a portion as interestCash - $100     Interest income - $10     Note Receivable - $90There can be an additional layer of complexity if you factor in the account "discount on note receivable" but the above is a good starting point.

However, your suggestion of metal roofs is ideal - they are beautiful and durable in many extreme weather situations.

Whether or not it's a wise move depends on factors far more important than capital gain taxes or your advisor's fees.You go to a local store and buy a large TV.

These factors are the biggest drivers in your overall success.

Ideal places for us are: Santa Cruz, Monterey, Lake Tahoe, San Diego, etc...).- Be a day's drive or less to our families (one family lives in San Diego another lives in the Bay Area). - To buy something that helps us build wealth rather than wipe out our savings and dig us into a debt hole at $6500+ a month mortgage (for if our income changes). - To buy smart because our income fluctuates wildly. 

I understand Vegas is probably not the most ideal place to start my investing career, but like @Bill Brandt said, I live here and am not interested in investing elsewhere as my first investment.

Don't forget to factor in costs you'd need to get those numbers (if applicable). 

@Nicole De Lia make sure you use conservative rents, high for repairs and expenses, high on property management and also if your taxes are very low then factor in that your taxes may go up sooner than later.

I have a single family house under contract and would ideally like to find a fixed rate loan to and LLC (three partners, all with high credit).

The traits for the ideal candidate include the following,1.