Hard money and buy and hold don't mix well together.Only buy and hold if you can replace your hard money loan with a cheaper alternative.

Mixing the two together potentially gives the tenant/buyer an equitable interest, which could turn an eviction into a foreclosure.When buying you would like to have that equitable interest.

Don't fall for the "its a mixed breed" line.

To add to the mix, we have a local real estate agent (i.e., someone who has a license) who shows the property and takes deposits from tentants (currently in our personal name).

Friends and business typically do not mix and he is taking advantage of your friendship.

I think a healthy mix of both paid for and leveraged properties is best IMO.

They can also help bring others into the mix who will help defray purchase and operational costs like agents, attorneys, general contractors, etc.

I could have added a Corvette to the mix, stopped paying my mortgage and seen how low I could go. 420?

Mixing appraisal business with investment business is not something I will ever consider, and will make sure to not misrepresent my self at any point in time.

I'm now 26, a recent father of 1 and a Candidate in the Chartered Financial Analyst program, a Financial Engineer (its an odd mix of several areas such as actuarial mathematics, finance, software engineering).