buying a note- slam dunk deal

[Francisco Tejada]

I would like some feedback on an opportunity that was presented to me by a lawyer that I was interviewing to be a part of my team.

buy a 650K note at 10% interest on a multi-family mixed use building.
the owner has defaulted on the note and it was accelerated
the note seller is asking for 350K

exit strategy #1
foreclose on the property and flip it. the RR is 80-100K so will easily sell for at least 800K. we turn 350K into 800K

exit strategy #2
current owner will find a way to pay the accelerated loan and stay in the property. we turn 350K into 650K.

Let me say that I do like this lawyer so far, he is an investor himself (obviously) and he professional and courteous. He was recommended by others at a REIA meeting. Should there be any concern on my part that he is both the lawyer and a partner in this deal?

Besides that I would really like feedback on the deal itself. What am I not thinking of? What could go wrong? It sounds like a slam dunk.