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The property is the only security for the loan.  

How and when does the security deposit get handled?

To clarify - the HOA has confirmed that NO amounts are outstanding - I have an official document from their resale department on this and reconfirmation from property manager.

They have onsite security/front desk and have a feeling very similar to living in a residence.

You sign a promissory note promising to pay seller at terms negotiated and give the seller a mortgage on the property to secure your promise to pay the note.

BP Community,For the past four (4) months I've been reading about all your success stories and chomping at the bit to officially become a real estate investor and landlord of my own property.

What if we went through a private money lender and just had to make a security deposit for the loan and adjust the term of years? 

What are the steps to making this as easy and secure as possible? 

Keep in mind, it's s security deposit, not the rent for the last month of the lease.