But at the same time, many PMLs want to be secured by a promissory note and lien on the property. 

Quote from @Eduardo Cambil: Hey everyone 👋I’m currently expanding my portfolio into small multifamily properties (8–12 units) using DSCR loans.Here’s the type of deal I’m focusing on:Purchase price: around $300KUnits: ~10Rent per unit: $600–$700Light rehab: $50K–$70K maxMarket: Midwest / Southeast (good Section 8 demand & solid cash flow)The challenge, as many of you probably know, is covering the initial 20–25% down payment.I’m looking to connect with private lenders or bridge-loan partners who can finance that gap — ideally interest-only for 12–18 months, secured by the property or a promissory note, until I refinance through a DSCR loan and pay them back in full.I’m also open to equity partnerships where we structure a fair split before the refinance (e.g., short-term joint venture).If anyone here:Has experience structuring this type of creative financing,Works with private investors or firms that do down-payment bridge loans,Or can share contacts of reliable private lenders who work with DSCR investors,…I’d really appreciate your guidance or introductions.

Since you are posting this in the BRRR Method forum...I'm assuming you might be interested in this technique?  

I came out of the first training just implementing the techniques learned and closed a deal a week for like 7 weeks straight.

In our case this is the Security Deposit amount, which we take in exchange for a form they take with- we keep a copy--- saying they have the apartment reserved pending backchecking.    

Since real estate agents aren’t trained in Creative Finance and they can’t figure out how they will get paid, it isn’t useful to use a real estate agent for this technique An example of Creative Financing can be found at the link following .https://www.biggerpockets.com/forums/311/topics/1264041-how-to-make-a-reasonable-offer-using-creative-financing-to-a-seller Once you have the terms agreed to, you put it into the purchase and sale agreement, (you can get one from Staples or Office Depot) and submit it to escrow.

Just get their security deposit back within the required time so they can’t sue for damages.

Yes we were successful winning bidding wars 3 months ago using the family postcard technique;) Basically, we added a cute picture of our family along with our offers (which were based on conventional financing) and our “humanity” made us win over the cash offers.

So, we would be able to charge a tenant rent for breaking the lease if they didn't give proper notice and moved out. 23 Carpet Cleaning: we charge a $x Cleaning Fee to avoid Michigan Security Deposit issues regarding, "normal wear & tear". 4 & 17.5: we have similar language in our lease, but eviction fees are legally limited in Michigan:(10: This is too vague for Michigan judges and highly likely to be struck from the lease.20: Would not stand in a Michigan court as, "if it's not in writing, it never happened".Again, this should in no way be construed as any type of legal advice and is our opinion only.

Quote from @Matt John: I recently purchased a property in Houston for $100k cash and have secured permits to build a duplex, so the land is shovel-ready.