I know that's an extremely broad question, but that's just the kind of education I am looking for right now: broad.

Personally, I don't like using "private, hard or whatever kind of money" unless you also really know what you are doing here.

What kind of deal structure should I expect?

Welcome Angela, This is by far the best place to learn all kinds of things to help you become successful!

That would depend on what kind of note it is..................Commercial, residential etc.Options: Payoff, refi, sell, bring in an equity partner etc.

Kind of crazy because I wouldn't see many and now it seems there have been a ton.

I definitely do not want to downpay more than 25% because i want to take advantage of the low interest rates.Folks please help me in letting know what kind of strategies do i need to implement?

You kind of answered your own question by indicating that the area hasn't seen any employment growth in 20yrs.

no. paying someone for "advice if this is a good house to invest in" is crazy. if he finds you the deal, sure... what kind of stuff will he help you with, btw?

If I use it to put up a new apartment building, then I have all kinds of problems - oh he doesn't really have construction experience, or new construction doesn't have proven income....What if I just cash-out refi and put the money in the bank and do whatever I want with it when the bank isn't looking??