In summary, I don't think you pick between a Mortgage or Promissory note, and the Promissory note allows you to avoid mortgage lending guidelines. 

Now I was looking through some of my hand picked properties yesterday, and saw a beautiful 1920's colonial that needs professional restoration, at a great price, where I think a flip is the best way to go.

Indianapolis & Philadelphia have properties ripe for the picking right now for rentals, and appreciation in those areas may be substantial in the near future.Good luck

I knew the building and immediately picked it up.

Is there any other way to go around this or do I have to pick up a second part time job just to look good to the underwriter?

Having said that, your gut feeling may have picked up something subconsciously and a lot of the time that little voice is right (see Malcolm Gladwell's Book - Blink). 

There is a rural property in the Kansas City area that I have an interest in wanting to buy, and I’d like to pick you all’s creative minds to help find a way obtain it with the lowest risk possible.

your lease should state that tebabts must keep all utilities current, so gove them a notice to cure or vacate

I quickly realized picking individual stocks wasn’t my thing.

Due to the location of the utilities it would take a lot of work to run a connection to the main sewer line so running a macerating toilet would save a lot of time and hassle.