Its those that cannot afford it that really need to get a reality check if you have limited capital no experience and no borrowing ability .. then your destined to fail.. some will make it but 95% will not be doing this a year from now. no matter if you learn for free on BP or other on line educations and podcast.. you must create knowledge and a base for yourself so you have the ability to succeed..

No personal experience with this, but here's the quote straight from fanniemae.com:If the mortgage being delivered to Fannie Mae is secured by the borrower

That will make it easier for the borrower to cash you out if necessary.While you can get better terms with cash, the actually cash requirements for a car and a place to live are not that high. 

I do have enough for the down payment, but if I could borrow, I thought that would be advantageous.

With notes, you are exposed to lawsuits by borrowers. 

I think mortgage companies state this in the lien to make it easier to foreclose on the property in case the borrower does not pay.

You can't invest future appreciation and you can only borrow out part of the appreciation you already have.

Asking a borrower to pay a fee to a loan broker or lender before receiving a viable LOI is like a waitress demanding her tip before she’ll take your order.

When dealing with professional lenders, you should expect:-  You'll need to come with a downpayment-  They will only lend on a percentage of the ARV-  Their rates will be high-  They will charge points-  They will do a full financial history on youRemember, professional lenders are business people, they're not in this to do a favor for borrowers. 

The borrower can stop paying at any time, for any number of reasons.