Sound like you are looking at bonds or note funds, not necessarily individual notes.

As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser.

@David Bilandzija where do you typically go to buy US Treasury bonds ?

A corporation raises capital by issuing bonds that may be secured by assets or unsecured, if this were a situation where a loan was solicited to several parties or the public, the exemption may be tainted and seen as a bond offering.

If your friend wants something that is very easy to invest in, then I'd urge him to invest in paper assets like stocks and bonds. 

I've cut my teeth on old Victorians in Grant Park and you will also have things come up that u can't see.

:-)Completion guarantee secured by bonds are 99% off the time a requirement for LPs and lenders in the US, but the end buyer is not covered directlyIn Europe developers must often deliver a completion guarantee to the buyer if the property is pre sold as payments are made in installments along the construction process.

I use a Texas Instruments BA II Plus financial calculator, easy to use, in the owner's manual, follow the instructions for a Bond, a mortgage is the same thing.At this level, real estate is simple math.

The short term, cash flow-only purchase means you bought bonds at that point, not real estate.

More like a long term corporate bond.