I have seen people mention postcards, hand written letters, and so forth, but I want to know what has been effective for the BP community, especially in my area.Thank you all for your time and I look forward to reading the responses!

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

It could also be a great negotiating point, since many buyers will shy away from this.Typically, the sellers would just execute a short term lease with the buyers that takes effect the day of closing, making the buyer an instant landlord. 

In effect, buyers will need to be in better financial standing in order to qualify for a home purchase with a low downpayment.

Any particular template that is especially effective?

This new rent will take effect on your [next billing date more than 30 days out].

We plan on doing a wrap around loan and I like to know what’s the best way to go about this cost effective and secured..

The proper goal of charity is not to give (and virtue signal one's giving) but to see that the gift has some beneficial effect.   

Awesome to hear that you’re thinking about pulling the trigger on a house hack - it’s easily the best financial decision you will ever make if done correctly.A lot of people on BP will tell you that renting by the room is not a sound investment; that you can’t effectively manage multiple strangers in a household; that you’ll relinquish your privacy/sanity/personal space/landlord status etc etc.As someone who lives with 5 roommates (including my wife + 2 dogs) I can tell you that it’s absolutely not the big bad monster that it’s made out to be.Because you have multiple streams of income in a single property, if a tenant flakes, you still have partial coverage of your mortgage payment - not the case in a traditional rental or “luxury” house-hack.

.), I've then effectively freed myself of, depending on the car and student loan, roughly $500-800/month.