Question for those that purchased portfolios

[Jonathan Scheeler]

Looking around at some portfolios and presenting a seller financing deal. My question is for those that have purchased a portfolio (preferably with seller financing), how was the note structured?  My main concern would be to have the ability to "peel off" non-performing properties and sell them.  

I know there was a couple BP podcasts on those that purchased a portfolio and sold some properties that were either not performing or had to have flood insurance on one of the properties.  Wondering how this was structured.  

1. is it under one note? Or different notes for each property = the sum of the loan?

2. what type of wording was used to be clear that some of the units may be sold and the "principle" for that unit once sold would be applied to that note (and any profits above may be used at the buyers/owners discretion)?

Thanks for your insights!