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

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

Do they have a way out of the balloon payment?  

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

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?

I do not have to do anything right now, I just need to learn, wait for the right opportunities, or create them - for example by trying to use subject to and take over someone else's payments who locked in a lower interest rate from a few years ago. 

You can also request a security deposit for extra peace of mind. 

Traditional mortgage from a big bank, 10% down payment What was the outcome?