Shortly after, I got married & my new wife (who was a teacher & not making much money either) bought into my investing mindset just enough that we bought a duplex & moved into one side. 2 years later we bought an identical duplex, the second building over on the same cul-de-sac.

This looks like you will need 85% LTV on this loan because its an Identity of Interest Transaction http://portal.hud.gov/hudportal/documents/huddoc?

Know what the maturity date means (including it does not mean the # of months between now and then is the # of payments left)4.

Then you can pay off the credit lines when your notes mature.

Due diligence must be performed in order to assure a borrower will be able to qualify for any amount due at maturity, if any as well as for the payments as structured.

Ernst & Young, in which the court listed notes that are not securities, including notes secured by a mortgage on a home.Under federal securities laws, notes with maturity of nine months or less are generally not considered securities.State securities laws also come into play. 

I have a client that seem identical to you.

Due to privacy laws, we cannot divulge the resident’s identity or apartment location but we feel it is important to keep you informed.

We have financed a large number of cabins in Hochatown over the past few years, and no, the market is not tapped out.However, we are definitely in the middle of a transition to a more mature market. 30-40% price increases over the past couple of years was obviously not sustainable, nor healthy in the long run. 

I think we would have matured faster if we would have sought counsel and ideas from other experienced investors.