So that I understand, if the best rate offered to me is 12%  (since I am a beginner investor), 1. then for 6 to 12 months, I would pay the HML $1,600/mo interest payment only, right (or wrong)? 

Its all a calculated risk and understanding what you can and can't get away with in your own farm area.Lastly as for selling I did actually receive a few offers but unfortunately none of them ever panned out.

There are two things you need to understand about labor cost.

My understanding is that I will still own the deed but he will have equity interest until it is paid off.

You may decide that all of this is still worth the expense and effort, just understand that it is not a loophole.

We should connect.I understand about the taxes but the bottom line is if it cashflows to your requirements, then the property tax doesn't matter.

You also have the added burden of Self Employment Taxes if you are actively participating in the business.In my opinion, you've jumped into a business without understanding a lot of the administrative aspects of it. 

If I need to change my mindset to become a successful and wealthy investor, please do your best to help me understand the role of investor who doesn't even touch their properties and still makes a decent profit.

Yes I understand.

I understand this is a loaded question and most of the people on this forum are quite busy, but as a newbie who is only equipped with capital and a vision, what is the “rule of thumb” I should remember as I start out?