Turn the rental around and find a replacement tenant quickly.

So those fixed costs, like calling a plumber or replacing a fridge, are going to cost more, as a percentage of your rent, to handle.  

Sounds exciting.

I think that is their largest single asset/stock allocation actually too. 100k sounds lofty.

It sounds like it's not in a very desirable area, based on the price and rents.

I had doubts and still have some but now it sounds like those may have been necessary for their loan program after learning why it's a lower risk and FDIC insured requires that. 

While you're talking to the City, ask about any 'open permits', this property sounds pretty fishy.

He was replaced by David Greene, who I felt was a better teacher.

It sounds like you’ve built something really special.

I probably wouldn’t mention your third point - it makes it sound like you expect them to hold this note forever and I’m not very certain, but I’m guessing there isn’t a huge market for $100k secondary notes.Have you considered asking them to finance 90-100% for a short period of time so you can rehab and refi at a higher valuation?