Is this structure permitted?

You are going to need that picture so you can remember the property and the physical condition it was in.

I think recourse loans make you a better borrower and make you really analyze your acquisition prospects more carefully when buying and your financial structure/need for debt when refinancing.  

I spoke to a private lender about my intentions and he said he's never structured a deal like this.

Here's a Success Story from me and there is a link to another thread in the 1st post that goes into great detail as to how I structure my deals and the overall process.

Hi Ralph, I would look online at your county recorders website and see if you can get them online, if not, then I would go to your to their office physically and request the information.

I would structure the agreeing so that the interest rate would go to 1.5x the original after 12 months and 2x the original after 24 months, with an option to file a judgement lein in the collateral after 18 months.Is there a way you recommend I find a local attorney (besides Google)?

Due your due diligence and be sure to understand all of the rules before engaging this structure. 

So we can conclude that:The majority of homes with physical distress in your area are locally owned by baby boomers. 

Suggest you consult a competent CPA and discuss how you might unwind the entity structure into something more tax friendly.