Is there a way to have the seller give us first choice (preferably at same price) when he does sell? 

Even if a cat is only in the house for three months, the damage may be done, so we charge the full year of increase to protect against that.That's smart on the Addendum!

It is a choice, not a need. 

Investing in real estate is an excellent idea. However, like with any investment, it's imperative that you know what you're doing and considers various factors when choosing the most suitable property to invest in. Ma...

Investing locally to start is a smart move - you get to keep things close, see it in person, and so on.Start learning, keep learning, and then start connecting and networking with those in you area.  

This is what is in my head and correct me if I am wrong, but I was thinking if I receive the property then give it about 2-3 years refinance the house and pull out equity (obviously by using the calculator that the equity amount will be enough on year 3) and use that to pay back the money that was lent to me.Is that a smart option to present to my private lender?

@Curt Thomas - You already got your answer above from some smart people.Just curious are you asking from the tenants perspective or the landlord? 

We switched to being treated as an S-Corp for tax purposes around 5 years ago (later than we should have) and it was a really good choice, self-employment tax was trouncing us before that.

Are you saying it's not smart if you're a seller because people are charging not high enough interest?

But, I assume you are aware of that and obviously not concerned, since you thought it was smart to "purposely" choose your wording and post it as a headline, on a public website, for the world to see.