Congrats and I wish you tons of success. 

His numbers indicate he has achieved the needed equity gain.Be sure to find a property that needs a sufficient amount of repair and purchase at a good discount to allow for the needed increase in Value.  

Competent legal advice is required for this type of financing.Lenders of this type of asset will want to see some type of feasibility study that indicates that another operating motel in the market place will be successful against the existing competition and that you the operator of the motel has the background to run the business.

And, have you been more or less successful with Homes for Sale by Owner?

Read the website, listen to the podcasts, get some of the books others recommend.If you want a roadmap and turn-by-turn directions from where you are to "incredible real estate success" you can pay gurus all day long for real estate education.

Bigger Pockets of course and join a local real estate investment group to network with successful investors.

The longer that history, the better resale price you could reap.If you get 3 -4 months upfront, 12 - 18 months of a payment stream, then a lump sum when you sell the reperforming note, you achieve 3 profit points on one file.

The owner of a successful business has systems in place to function without their presence. 

The three of you have had success with two sfr's, but your experience is limited and growth could hamper your success.   

A successful flip Lessons learned?