Buying a performing note - questions about the closing process

[Kent Byron]

I'm in the due diligence period for my first note that I found through an online note exchange. It's a performing note and the collateral is an SFR in a different state than where I live. I have read the very helpful BP posts from @MikeHartzog @DionDePaoli and @DaveVanHorn and others to get familiar with the process, but now that I'm executing a transaction I find that I need clarity/guidance about a couple of the next steps . If anyone here could offer advise about these items I would greatly appreciate it!

- For the valuation, is it ok to use the BPO service offered directly on the exchange website or should I purchase that service directly from a company like valuationvision? Or would it be better to reach out to local RE agents?
- How do I ensure that the mortgage loan terms are appropriate for the state that it is recorded in and the note is written in a way that it can be enforced? Should I find my own local real estate attorney to review it?
- How does the closing happen? Will I wire funds to the exchange website to record the assignment or should I use a local escrow agent that I choose myself.

Also, since there are state and federal rules about the terms you can use when originating a loan, I wonder if note holders also take on some new roles or obligations. Will owning a financial commitment like an SFR loan place my company into a different status with regard to new fiducial/regulatory/reporting obligations? Or does the note servicer perform any compliance actions required for the state where the note is recorded? (I plan to keep the note booked at the current servicer).

Thanks for all your very helpful and generous teaching on BP!