We were looking to create a promissory note in which would allow us to buy into each other's personal investment property after the refinance stage.

That would KILL your IRA and create huge tax penalties.There is a retirement plan based structure know as a Rollover as Business Startup that allows you to take existing retirement funds and use them to capitalize a business in which you are directly involved. 

This would not only allow me to acquire the property without paying interest on a loan, but it would also create a more solid business relationship with an already great mentor in the industry.Has anyone attempted something similar to this? 

The added fees, and compliance regulations have almost eliminated small independent investors, and financial institutions from doing mortgages, and in return have actually created worse situations for many consumers.

So yes, the carpet was due for a replacement even without flooding.Often flooding and molds creates it's own odors.

This saves me and staff time from driving multiple times to properties, it prevents wasting time in the event of a no-show, and I found it creates a sense of urgency in potential tenants as when they come they see other folks looking at the unit. 

This automatically creates a “lowpoint” in unemployment.By definition a recession is when we have negative economic growth.

There are arguments on both sides, and I'm still leaning towards creating one.  

I'm with you Account Closed, he is creating a a second mortgage/DoT on one of his property and selling the note associated with it.

Older homes have more risk, in my opinion, because things may not be level, you many not be able to use standard/bulk items, specialty items cost more, you need to create a space that matches the house period, and the potential pool of buyers who desire older homes is smaller (at least in our area).