Typically is the promissory note to pay investor lined up with the due date of the collateral note ?

Couple tips: up front fee; too low interest rate, do not need your credit report or collateral.

Obviously, you would give the first position to your family member “lien” on the property or some kind of collateral.

LOL.. so I don't want to see my guys and gals burn out.Jay - where can I sign up for some of your no money down, no personal guarantees, no collateral loans?

The house would just be used as the collateral.  

Right now I plan to borrow 70k by using the land as collateral.

There is more that U/W looks at than JUST solvency, though if you're properly collateralized and you have positive DCR then those are certainly the two biggest factors that will be considered.

Can I use a home as collateral for a private money loan even though the home is not fully paid off?

They are going to ask for a plan and bpo's, contract (if available), liquidity or cash you are bringing to the deal, anything you might haave to put up for collateral and a few other things depending on the lender.

Neither your or your wife's personal assets would be allowed to be collateral on the loan.