Be aware that such financing can easily dry up, so have an alternative at all times, especially as you cross the line at 4 to 10 houses.

It seems like there is plenty of opportunity to lose a friend.

And still manage to lose out to homeowners with (mattress money)as we like to call it here.

I would write Hard Money with a 7 day commitment, if that is what you intend to use (and your HML can commit that fast, mine can).However, you can also use Hard Money and NOT have a financing contingency if you are that confident (you will lose your deposit if you don't get a commitment).I've never had an issue securing a deal with a contingent HML with a quick commitment.

I'll also likely lose some sellers by saying the wrong things and believe a mentor can help me funnel more deals through to completion.

SFRs also have the advantage of being able to sell fairly easily if you decide you don't like this business.

You want to be able to easily evict if you don't pay.

As pointed out, again, a subject to means there is an existing lien and then you say the property is free and clear.You must be very young to think this lady is going to die any time because she is 70, LOL, she could out live you, she could easily live (not knowing her health issues, but in general) to 90, 95 or longer!

I've run various scenarios with the current market activity and think that as long as I live in the place for at least 2-3 years and do most of the renos myself, I won't lose any money (worst case scenario).

My one concern is that the stress of managing the tenants or worrying about burning out and losing intereste/desire.