Taking Action - Questions on Note Position & Gotchas

[Brandon Shewbridge]

In order to get started, I've decided to move forward as an investor with a contractor that I know.  After doing my due diligence, I will be investing and taking a 1st position note on the property in exchange for a nice rate.  This will help me build some additional capital for my longer term buy and hold strategy.  

Given that my questions are note related, I thought that this would be the best place to post them.  1) What wording will I be looking for or what will be the confirmation from the attorney/closing company that my note is in 1st position?  

2) Any other issues or gotchas that I should be aware of or ask about (title, liens, etc.)