We recently relocated to Phoenix last summer and I'm starting to look for recommendations for local credit unions here in Phoenix which are trustworthy, low rates, personal touch, easy/simple to work with, etc. 

the only thing with that is protecting future landlords.. but then again thats a personal choice..  

But the risk to the seller on this deal is immense you have a guy tying up a property who has no ability to close it and then sell it to whoever will give him money and that person could be nefarious get into title rip rents could give 2 craps about the sellers credit etc etc..

Juggling between work and personal life can be tough, but having a property manager can take some of the pressure off and let you focus on your other priorities

The downside will have more to do with your business personality.

@Jason Weidmannit's only solid if:1) you pick a market that you can go to in person and build a team first, and 2) you recognize that RE is a long-term investment, and you may have to wait 5-10 years, or longer, before seeing ANY return. 

Just curious do you find that accessing county records online through the county clerk website works just as well as going in person?

They clearly had no intention of paying off the loan in October but sought instead to further reduce their loan balance during a time of the note holder's personal hardship.

If it did flood though, I personally would steer clear.

Personal guarantees are EXTREMELY common.