ONLY take 1st lien position3. make sure you don't lend too much (or you will end up like me...and my first PROBABLE loser loan)4. make your buyer have skin in the game.

@Scott Trench 1) I want to reduce eating out because I spend probably $10-$15 a day at eating junk food at work for breakfast and lunch when I could make a weeks worth of healthy food in an hour or two on the weekend and freeze it. 

People automatically assume they will be just as healthy, mobile, positive/adventurous spirit, or even alive, like they were in their 30s.

I am not looking to purchase in highly appreciating markets but ones that provide the steady and healthy cashflow I can depend on.I do this as I work full time and cannot easily build up a team and a presence in the markets I want to participate in to purchase distressed and build in more equity during the deal.

I DO have a healthy salary, excellent credit, a good down payment, and have provided my bank/tax returns for the past few years.

I DO have a healthy salary, excellent credit, a good down payment, and have provided my bank/tax returns for the past few years.

So 12k skin in before repairs, 48k owed on property.I am looking into purchasing a second property as soon as I do the updates on this one.

To ensure they have skin in the game and protect you in the case of default.Think this through. 

@Matthew Fitzgerald, the biggest query I have is: if you're intending to (soon) refinance it so that you have NO skin left in the game (ie. ideal), are you sure it'll come to only $750/m Principal and Interest? 

I had my little one a month ago and he healthy and happy...I'm  just now getting adjusted to life with 4 kids now.