I took a quick look at "Whitecoat" (in-between patients, we just had a "Code~Stroke" in the ER), and it seems like it is pretty comprehensive .

I have seen residential investors after 20 years or 30 years doing it and the deep lines on their face,stress, and many have had a heart attack or stroke.

Borrower loses legal right to reinstate in about two days so, unless they are stroking a check to reinstate within two days, or a check to pay it off in the next seven days, BK would be the only thing that would guarantee a hold on a pending sale...if you can't compel them just because. 

You want to talk to your CPA first and foremost you don't want to get in a situation were your deemed a dealer and lose your cap gain tax advantages.that said a take down schedule like this is common in the industry.. although CA usually a million dollar property is not a lot.. vis a vi development ground.. and builder developers there usually stroke a check if needed.I suspect though if your going to sell it in phases.the land would be split into 3 phases and you deed out each phase as he pays if off.. but not individual lots that were your CPA can advise you on dealer status.its common though in these scnerios to have accerlated paymentso you have  3 phases  333k each... you sell first phase for  400k.. second phase for 400k last phase for 200k.. this way you get a premium if he fails to buy the rest of the dirtalso in your contract make SURE you demand that all work product engineering soils geo tech that type of stuff is once paid for your property as well.usually in vanilla real estate transaction on the west coast I don't recommend or see the need for a lawyer but in this case I would find a good real estate lawyer tell him these basic terms and things you need then let him prepare the contract.. hope that helps.. and assuming the dirt is in CA.. of course.

You can also cherry pick real estate deals where someone made millions,tens of millions or more in profit on a deal.People can talk in broad strokes on a macro view but then there will always be unique examples at the micro level.I have lots of clients that have made gains in stocks and now they want to get out as they cannot stomach the market.

We fix up our houses.To each his own and different strokes for different folks.

Can't paint in such broad strokes, it all comes down to your market.

I know this because I have one LLC with my wife for one property, and then other properties in another LLC that is just me...so I need to stroke the annual tax prep check for the one LLC that my wife is involved in in addition to the other tax preparations.

If people do not have an intimate knowledge of something then they do not need to be writing blogs giving people inaccurate information with broad brush strokes about an industry.Restaurants can do well but like any other sub-asset class of commercial retail you have to buy right and know how to properly underwrite.

If I, a healthy 37 year old, drive my car, suffer a fatal stroke, my car goes across the median, strikes your car.