Purchasing a note

[John Lee]

Owner of a property I just purchased offered me another property. He set it up as note so he doesn't have to take care of maintenance, property tax and insurance. The note is only $180k with 4.5% interest. For some reason the owner is feed up and informed me that the borrower doesn't have insurance on the property which is required by the note. How much should I purchase the note for considered the current mortgage rate? How long do I have to notify the owner before I have to get insurance and charge back. Can I take possession of the property if the owner failure to obtain insurance or pay for insurance?