Option 2: Private LoanIn this option, a promissory note is written for my partner to loan me the down payment amount (20%/$46K) for a 2-5 year term at a 10% interest rate (details are still up for negotiation - are these terms reasonable for this kind of deal?).

There are opportunities for various strategies here- short-term rentals, medium-term rentals, long term rentals, BRRRR, flips, etc. 

one star threats are not our favorite as hosts but she did give us a couple items we were not aware of and were able to correct before the next medium term guest.  

So you never think in terms of hours worked or which day etc etc its what you do to live ..

We (my wife and I) decided instead of buying a new home and renting our primary we would buy an investment property with the funds instead and just sit tight in our current home in the short term.

Ernest,Besides all the real estate/property/transactional tips above; you need to understand that running a short term rental is running a business. 

I'm really interested in long term rentals along with Air B&B/VRBO. 

IRAs and RE each have their own tax benefits.

I am acquiring an assisted living home (RE+business).RE appraised for $1,320,000Business for $80k.I have the RE portion already financed through banks but am needing $80k for the business to get the deal done.I’m looking for $80k short term loan for at least 6 months so that I have enough time to get a more stabilized business loan.

What were their terms?