One should never invest based on emotions

Well, it may matter to you emotionally, but you can still meet your income goal.It is great to have cash to take advantage of a crash, but you may wait for many years on the sidelines and never invest if you're waiting for a crash to take the next step.

I wouldn't be surprised if the old line was just a little bit deeper than what you had dug down to.

Seller financed notes trade at a much deeper discount, they were not properly originated, they had few documents in file, if they had a file at all, the sale price is not appraised and often the payment history is a pain to verify since any note holder has a vested interest in saying payment were all paid as agreed.

That's why I encouraged you earlier to go for it--the point isn't that you'll do the impossible deal, the point is that the knowledge you gain by doing the steps will embed deeper than anything any of us say on this forum.  

Do not fall prey to the semi-subconscious, emotional, lowering expenses and raising income trap.

You don't have to complete with emotional families, with excess capital, who are willing to bid housing prices to astronomical levels.

Didn't have a financial set back but had lots of emotional stress all learning.  

Consumer loans, which I would stay away from, are subject to tighter laws and can be more emotional and therefore, more risky.For what it's worth, our lending attorney recommends to us that we loan through an LLC, but this is not required.

I was emotionally convinced I had the house leased and eager to move into the next phase of this journey so the initial let-down was more dramatic than reality.