When getting financing from a financial institution they will issue an IOU note called a promissory note which secures the loan and details the terms, repayment, penalties, etc.

Unless the chimney is so crummy that it can't hold it's own weight anymore, you don't have to rebuild it.

Armed security 24/ 7  etc etc..

I certainly did not, and neither did the mortgage lender who  pre-qualified me.After closing on the HELOC  this week, I was reading through the docs last night and stumbled upon the Occupancy clause :"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control"So I'm not sure what to do.  

If at the end of the time I have not been able to secure a buyer, we can either part ways as friends or we can look at lowering the price and I can send it back out to my buyers again.

How did you get over the obstacle of securing your first deal?

You're in good shape with what he did.When I read your post I was thinking more of putting a security instrument on the house and getting a detailed outline of your agreement that it referenced.

Use one of the standardize browsers {Mozillia Firefox, Opera, Chrome} and life will get much easier.btw: once you get access to a service (say SmartMove or your XYZ online Banking site),make your life easier by creating a Bookmark and when logging on, NEVER remember the password for security reasons.

Maybe you could secure the master lease and then separately approach the land owner to get a sale.

If you rent locally, how much do you need to spend with security deposit and monthly rent?