If so and the monthly payment isn't too bad then you're still moving the needle forward if your main goal is wealth generation and not just cash flow. 

Properties will find buyers at any competitive monthly payment.  

At 7% you will have payments of about $4000 per month and at full occupancy rents of $6600 per month.

So if you ever sell down there, make the payments in the US.4.  

If these things weren't disclosed that could be an issue.Did you work with a licensed insurance agent to secure coverage?  

He isn't rich enough to have a body guard and a security professional.

Do they have a way out of the balloon payment?  

I have a clause in the lease that says the security deposit will be held in so and so bank with so and so address and interest rate will be xyz.

Since your goal is lowering monthly payments for better cash flow, it might be worth focusing on reducing expenses elsewhere or exploring other investment strategies.

Quote from @Victor Correa: It’s Mobile Home with Land I’m taking over both land payment and Mobile Home payment and right as of now is considered personal property but you just open up my eyes and I’m thinking what we can do is convert into real property and then transfer the land and that way it’s attached to the land Your thoughts?