I like the liquidity, control, tax deferral, and the ability to borrow for such things as real estate. 

They position themselves in the information flow, absorb information from as many sources as possible, and are on a never-ending search for new ways to improve themselves, their business, and their ability to provide a greater level of service to their customers and value to other fellow human beings. 

@Andrew Johnson  that was my first thought check CCR's and HOA for ability to rent .. monthly is usually OK but that high end of property may preclude it altogether.. but being the desert maybe not.. but something to defiantly check out.. prior to launch.. we see that on BP from time to time.Hey I just bought this house now I can rent it LOL..

The logic behind this is establishing some "science" behind how many prospects we need while simultaneously being objective about there ability to commit.

Yes you can if you don't tell your lender what you'll use the money for.Hope you know very well your friend and have great confidence in his ability to deliver on his promise for a 20% return.

Then it can also lower your housing costs, which gives you the ability to save more money for future investments.

As mentioned above there are several things to the seller financing part....and to me, having a seller that has the ability to do what you are asking and then actually understands what you are asking will be very critical to it working.

Other wise you get into a situation where a partial payment will delay your ability to start foreclosure.

The boards also have the ability to limit the number of LTR in a complex.

Don't discount what you have in place and question your ability to duplicate it.2.