As Dion pointed out, any assignment to another entity can have that entity be recognized as a lender, accounting for the asset transfer is consideration from the entity receiving the note at or even near the time of settlement.

If you aren't co-habitating there's no issue provided the you aren't in the same unit.However, this changes when you live in the same dwelling and I would suggest you take a hard look at some of the risks associated.The best recommendation I can make to you is the method I prefer, which I recognize isn't something everyone is interested in doing: purchase a 2-4 unit multi, live in one unit, and use a property management company as the buffer between you and your new neighbors.

Betting on appreciation isn't gambling. 

If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.

But if you don’t have a story to connect, I think including a letter is absolutely still a good idea.May 6th, 2019My name is Bitsy and I'm writing to introduce myself on a personal level outside of my application and also share my sincere interest and desire to rent 623 Webster St.The neighborhood is beyond special to me having spent my childhood spent and ultimately best years of my life growing up on State Street between Garfield and Pitt St.After graduating college, I spent the next 10 years living in New York City and moved back in 2016, but this time, my family homes were split between the Warehouse District, Garden District and Covington.Since 2016, I've been lucky to rent apartments from two great landlords who trusted and recognized my accountability both in the Cotton Mill and on Prytania St near Louisiana.But, part of me has still felt a longing for my old neighborhood.

Unless you have a plan to pay it off in a few months otherwise this approach will eat up all the cash flow and buying a property without positive cash flow is purely gambling. 

Minor framing, drywall, painting, tilework and finishing were all in my wheelhouse, but I knew better than to gamble on the trades and called out subs to quote me on electrical, plumbing and HVAC.

I'm not a talkative personality however I can recognize and utilize opportunities for deal making.  

Hi @Robert Palladino, congrats on recognizing the power of real estate.

If someone burns your house down because you do not have 1hr fire separation walls between each unit will the insurance company pay to build you a new one when their investigator learns that your property wasn't to code or recognized as a legal multi-family property by your local gov't?