My initial thoughts were actually about doing this in a rehab and creating value, that most houses don't have.

I had an initial lease for 12 months, which rolled into month-to-month. 

However I'm short of initial capital.

I don't have the faith in my initial idea to follow through with it and end up abandoning it before anything happens with it.What's stopping you?

In our lease, the tenant explicitly initials the section on the prohibition and the consequences of smoke to acknowledge that s/he understands and accepts them.The law here is quite restrictive about smoking in public.  

Point is, we should not just assume we are safe by the initial glance going in.  

My initial angle once I do enter the investment world would be probably along the lines of what @Scott Nipp was referring to with generating seed capital before pursuing other endeavors. 

I immediately initiated an attack on our finances.  

I learned early that the note "business" was much more complex than I ever had initially imagined. 

I am not aware of lenders slicing and dicing debt in such a way.In my syndications, as lead partner I am usually responsible for the debt initially, and for that I will take a bit more equity than my contribution at times.