If you did not and it’s unsecured debt you could be out of luck on some or all of the money as depending on his situation unsecured creditors in a bk may receive pennies on the dollar depending on what he can afford and if converted to a ch 7 you would get wiped out.Even in 2nd position he could argue the property is underwater and wipe out your lien.

If in a tenant-friendly state, the Payment Plan may make sense - but only if tenant signs document stating specific payment dates & amounts and can update their income info to prove they can afford the payments.

In my market you can get an additional unit for each affordable rent unit.  

If you're just holding a single property, many start with online services like LegalZoom or IncFile, which are affordable and user-friendly.

When we look at zoning and we see the density available, it starts to open up new possibilities for creating housing that is somewhat affordable and also building low cost units for example a second story edition could cost as little as $180-$200,000.

I really just went off the fact that property was super affordable and it was very clearly obvious to me that Joshua Tree could only grow and become more developed because of the beautiful park and proximity to LA/Palm Springs.

If you're looking for affordable options with good cash flow, I’d suggest checking out the Midwest market. 

We review three months worth of bank statements (with scrubbed account numbers) to verify income and their financial health as well. 

If the continuing maintenance and repairs are more than you can afford and make the property cash-flow negative, I would sell and hope that the repairs I made and the appreciation would earn me some profit.

Where I’m at, if you list on Zillow, and you are priced right, you should be flooded with applicants for an affordable property… but the ‘flood’ decreases as your price point moves up.