Questions about 2nds

[George Frye]

Now for years I have done 1st position notes. But I have recently been approached to buy a second that has a huge amount on of equity (89k 2nd note with a BPO of 300k) however I am still unsure what kind of due diligence I should be doing to make sure that my capital is protected. Far as I know the first is still performing. I have read  post  where to much equity in a 2nd is a bad thing. So please any advice on what I should be looking fpr and how to make sure Im not walking into a trap.