You receive the $$/mo promised by seller who sold you the leased property.

They might be mixed in with all the DBA and other county announcements, but I promise at least one of your local papers has them.Lastly, buying at auction is not always a great plan for the beginning investor, though I'm sure some start out that way.

He's currently traveling but he promised when he returns he would sell me the other property at the same price I bought the first.

After you've fulfilled that one year obligation @Mindy Jensen talked about, if you can tap another 10% withdrawal from the trust, and do an SFR w/ 95% LTV & another one year owner occupancy promise. 95% LTV SFR back to back to back (etc) is something often only viable for younger single people, that isn't available to older investors with family etc.

1st send letter to owner with photo's of carpet and say you signed a new lease with the promise of new flooring and want to know what date they will be installing and you would like a reply in 10 days.If the owner doesn't reply, call the city inspector out and ask them what to do your landlord is failing to keep the property in suitable condition. and want to know what you can do.

I promised myself that I would purchase my first investment property in 2017, and have really started to sharpen the axe if you will.

Owner had a 'friend' stay and promised that he'd be out before closing. 

The technical thing I see wrong in your example is: if a Bank would buy your NOTE (with just your Buyer's promise to pay interest as their only hope for a profit), then why wouldn't that same Buyer be able to get a loan from that bank in the FIRST place? 

But one thing that we know for sure: if you expect to receive the liability protection that is promised, you absolutely must isolate all of the activities of that specific property in that specific Series.If a tenant sues Series A, and he has signed a lease with another entity, then the Judge will probably allow discovery regarding the other entities to find out whether you are really operating this investment inside this Series, or you are spreading it all over.After all, in Texas we are still litigating the definition of "doing business."  

"Finish the job as promised and we can move on.