:)  We love defaulted note investing - you own nothing but are in control and can exit through the property or the borrower. if you do take a property back you can sell it outright, seller finance it, rent it or BRRR it.

It's time, money and stress for everyone involved.Can you visit the jobsite one time and have a face-to-face meeting where you pay him $1000 and sign a note that guarantees he will recieve the final $1000 after completion?

Side note, and not what you're asking...I'd make sure you get a termite bond on the house.

Wow,just buy a note,what about due diligence?

Well you received reply's from the top heavy hitters in the passive game here on BP.choosing wisely is key as noted.. real estate debt can be a great spot for the busy professional.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Note that there are restrictions that apply to STRs in Ojai and the Ojai Valley.  

If you're in our area I would love to connect and learn.Side note - Lansing (the capitol) was not a location option.Shawn

Quote from @James Kerson: @John Warren one other note.

If this isn't clear enough, one could survey the other bank loan officers and see if the other doctor notes included this term around the year the loan was written, if this is one of only a few outliers which they threw the term in for, then any jury would likely conclude it was unnecessary and the power of attorney would make that void... but they as you say if the bank makes all the rules for their conventional since it's not "conforming..." then they could call the loan due and as you said the refi would be needed regardless.