They had two things going for them:1 - Liquidity. 2 - The wife is actually a former producer on one of those HGTV shows I made fun of, she saw all the numbers, including how TV commercial revenue winds up being vitally necessary to the majority of the "as seen on TV" flip type things being viable and in the green (take anything marginally profitable or not profitable, monetize it on television or tik tok or youtube, and boom now it's viable).I wish you the best of luck OP, but consider that maybe a "base hit" is totally fine for where you are at.

Both owner-occupied conventional and non-owner-occupied on 3-4 unit properties requires 25% down ($250k+), and there aren't many investors or buyers with that amount of liquid capital.Where is the bid coming from?

Business duo (lifelong friends) who through cryptocurrency and a medical malpractice suit find ourselves with a few million dollar liquid.

The end goal for us is to build income producing real estate companies that is liquid enough to purchase luxury real estate and multi-fam buildings. 

And why my stance on liquidity is so unpopular on BP

To add some more stats, I would say if you don’t have $250,000 liquid then you are not ready for a syndication.

Cash is king and a HELOC is a open end debt obligation and cannot be used as a liquid reserve which is required for an investment purchase. 

I’d say keep your liquidity and get 80% financing plus rehab funds in a loan.Easier to scale if you have the cash.

My guess is that the secondary market for private notes like this is not going to be highly liquid and you would likely have to sell the note at a discount, unless you were pretty patient. 

Not all lenders can provide one, but some can based on your liquidity.