Being that I have no real experience with real estate I am also interested in exploring pretty much any other method of real estate investing.

It was the least profitable deal we've done by a decent margin but it was probably my favorite because (1) it ended up looking good, (2) we were hands off on all manual labor (I did the paperwork and my wife selected the key finishes), and (3) we learned some valuable lessons without actually getting hurt much by them.

In general, the more money you put into the deal (down payment, rehab costs, etc) the lower your CoC is going to be - unless you do a refinance using the BRRRR method. 

As things are occurring now, the bank is being paid, so they have no interest in property seizure or foreclosure, as it is a performing note, so the FIL currently has the opportunity to conduct control of it in the same way a normal person would, which should allow him to pass this via normal methods (living trust for example) to heirs, provided the payments on the note have no interruption.Am I off on any of that?

The other method is where the sponsor calls for all of the capital at once, and the capital sits idle with the sponsor until acquisitions are made.  

My advice to you would be to learn the various methods of real estate investing such as wholesaling, flipping, buy and hold, tax liens, etc. and also learn your area to see what has been successful there. 

My favorite source for a beginner is ​Every Landlord's Legal Guide by NOLO.

The average working month has 4.33 weeks in it, so you can get the same answer using your method by doing the following: $14.50 X 30 X 4.33 = $1883.55 or very close to the $1885.00 However, we as lenders use the method that the instructor used.

How long does one need to own before taking advantage of the BRRR method to spin funds back out of a property?

How long does one need to own before taking advantage of the BRRR method to spin funds back out of a property?