promissory note 3 buildings (2-4plex 1-2plex)

[Christopher Oncale]

Hello, so I am very new to this... I’m taking over some apartments and have agreed to pay the owner back via promissory note over a 10 year period. No interest flat number completely bypassing bank. And to be honest I couldn’t be any more confused in a few areas.

The apartments are located in south Louisiana I will be remotely close to be able to oversee them. I feel comfortable with the upkeep and repairs.

I have been trying to get some direction pertaining to insurance routes (umbrella vs LLC) or really the best available option. Any help would be appreciated.