That's all you need and you actually do have more control than an invalid instrument misapplied by definition, providing covenants that are opposed to the type of agreement that require specific obligations. :).

If you take more than an even distribution, you pay taxes on the withdrawals, but you can return at any time to non-taxed distributions.

And I agree with Will Barnard, you should have the property sold in less than an year, and if there is a penalty needed, having the note specify an increase in rate, and/or an extension fee, is appropriate.If you have a real estate attorney you are comfortable with, you could start there, or if not, a title company would be where you started to arrange all of this.

I'll pretty much exhaust my savings in acquisition and repair. 

Being in person is completely different than an over-the-phone/computer relationship. 

So it’s kind of hard for me to walk away, until I know I exhausted everything.So assuming I can’t find a PML or HML, I was going to ask the seller for a partnership.

A student living off of help from a grandparent is a different story than an adult who wants to pay rent up front with no explanation.

Considerably cheaper than an LLC, but you would want one for each property which adds up.

If everything requires a phone call or if a lawyer is typing on a typewriter or only using fax, the process is tedious and exhausting for everyone involved.

I am exhausted!!!