This is the most complicated piece because you are essentially the mortgage originator (which might run into licensing concerns depending on how many times you do this and your state), and you need to make sure the person who is buying is a good borrower.3) close with a title company or lawyer (state dependent) who knows how to deal with this type of transaction4) set up an account with a servicer to collect the money from the borrower (not required, but highly recommended from note buyers)5) collect payments

Full renovation with new concrete driveway and new concrete walk out basement.

Hoping to replace my income over time with multifamily units and utilize house hacking.

They have to source off market product to make money and that requires time and expense.....but ultimately is worth it, depending on how many deals they hope to do annually.

@Ricky Gonzalez Off-market deals take time and energy to find. 

As Jay mentioned, massive power requirement that will not get cheaper in time, and along with large water requirements for cooling the rack systems, so targeting locations that provides these necessities is key.

Also, tenants will often times already have their own washer & dryer units and would rather use those instead of owner supplied W&D. 

I’ve done this method once before, but this time I’m a bit torn on the best approach.

Hello,I am looking at a mixed use property on Long Island (first floor retail plus 4 residential above) and would like to know when the most appropriate time is to ask for things like audited financial statements, tenant ledgers and/or anything I else I should be asking for? 

There are programs, but they will never be as accurate as full and complete MLS data that you can map.