@Aidan Mulligan. 6 percent return is not very good. 60 bucks a month cash flow is basically nothing.

Brett, the most standard way to do this (and the method I use very frequently), is with two primary documents:  1) Promissory Note and 2) Deed of TrustThe Promissory Note is where all the terms of the loan are outlined:  the interest rate, the loan amount, how payments are made, the amortization, the maturity date, what the collateral is, etc.  

As someone who buys a lot of properties, I wouldn't have paid more than 190k for this property without walking through the whole thing.You can start to see why these properties are  mainly purchased by people who either: a) run a high-volume flip business with no hard money and their own remodel crews, or b) retail buyers with cash who want to earn some sweat equity in their personal residence.The high-volume rehabbers are ok with breaking even or losing a couple bucks on a flip every now and then if it keeps the crew busy.I'm not saying you can't find deals at the courthouse, but it may require you to make that your entire business model in this market.

Before you spend mucho bucks on LLCs that require ongoing costs and attention and compliance, it's likely that for your first few properties you are much better off just getting umbrella insurance.

We have contemplated the SFH realm too but are still exploring what would get us bang for the (limited) buck we have. 

Two of the common areas of concern for HELOCs I see out there is the 10 year maturity date and the adjustable rate.

If you are willing to move 60-70 Miles from Seattle as you mentioned, you can get “a lot more bang for your buck.”

There are still turnkey providers there but the properties there now are far from the highest turnkey returns out there these days (other markets are less matured than Atlanta). 

If you are in a trustee state such as Virginia, then you will probably need to make friends with a title examiner who will only charge you 40 or 50 bucks for a current owner search.

Before you spend mucho bucks on LLCs that require ongoing costs and attention and compliance, it's likely that for your first few properties you are much better off just getting umbrella insurance.