OK.....now what???

[Bill B.]

I've partnered with my mentor to purchase my first NPN. The purchase is now complete. It is a first position note. I'm very satisfied that the purchase price of the note is around 40% of the current fair market value of the property. That FMV price is for a well maintained, but NOT improved/NOT flipped, home. (we got lucky.....when we close out (which will verify or disprove the thoughts outlined above)....I'll flesh out how we ended up with sixty percent equity.

We have a qualified servicer lined up to stay in compliance with our beneficent government.   

The collateral is on the way, but I do not have it yet.

I can provide info like maturity date, interest rate, last paid date, but I don't know that such information is pertinent to the question.

I plan on reading every line of every document...just to learn about the collateral.  (My wife and I have purchased real property before....so I have some familiarity with the documentation.)  But, I understand that I am trying to make sure this is a full and complete package.  I also realize that the servicer is going to review it for completeness and propriety.  However, I trust slowly and also want to understand the process in detail. 

So, with all that as background, what am I looking for in the collateral?