Buying partial notes

[Robert Fry]

Reading through this site has opened my eyes to problems I never thought of. I usually stick to local rental properties. While trying to find a new investment for some cash I needed to put to work, a friend recommended I buy notes and gave me the name of someone who brokered notes. It sounded simple and so far everything has gone as planned for 6 months.

Then I saw @Dion DePaoli comments about partials and thought I better investigate.

He mentioned buying partials is dangerous for investors and can violate securities laws. Can anyone elaborate?

I bought 72 payments on a seller carried 30 year note. I am hoping I did not do anything wrong.