I know the return lies greatly on each fund's management and strategy, but would like to have a high level understanding on how interest rate might impact the yield of a note fund.

Mainly because it combines what I like: finance, real estate, and business strategy. 

It sounds like you're buying a condo at retail price, which I think gives you the least exit strategies.

Do you guys think this is a good strategy to start with?

Did you know what strategy you were going to do or what is your experience?

They don't read tax code to save additional money, they don't actively pursue more and more education to make them more marketable after HS or college, they don't have an investment strategy. 

Brrr strategy partnership structureI am finding and buying the deals with my money.

(I'm talking about the BRRRR strategy, where "OPM" is the name of the game once you've got the first one under your belt)! 

That one strategy that doesn't acquire a lot of money.

(references to IRAs above will also generally apply to a 401K.)If both accounts are 401Ks, your better strategy may be to take a loan against the 401K, use those funds for a down payment on a rental outside the 401K.