My analytical nature allowed me to create quick scenarios for a calculated risk. 

The second mortgage would naturally be registered against title to protect the interests of your friend.If your friend extended you an interest-only second for 5-years (or however long until your primary mortgage term expires).  

If you're familiar with accounting basics, it tends to flow naturally. 

@Rickey Garcia I'm in the camp of "go for it," but I say that with the assumption that you'll do your homework before signing any paperwork, you'll have contingencies in your budget, and you'll be prepared to handle the stressful nature of a flip.

@Jeff B. with regard to there being a lein on the title or something of that nature? 

By its very nature priority in title is perfected upon constructive notice which is the recording of the lien in public record at the Recorder's office.  

I just got a quote from the natural gas company for $7800 just for running the gas line to the house.  

I love nature, animals and kids.

A dip in occupancy is natural and honestly in the long term you will want it if you are losing some of the poor tenants.  

Hello, I have a vacation condo thats worth $700k and a friend of mine who I've known a very long time who would like to buy it but due to the nature of his recent divorce cannot get the financing for it.