Since without a quiet title action the title may be subject to challenge by the former owner or lienholders, title insurers may not be willing to issue a title policy w/o exception for that risk.I don't know what a 120 affidavit is. 

If we were to become subject to a bankruptcy or similar proceeding, the recovery, if any, of a holder of a Note may be substantially delayed in time and may be substantially less in amount than the principal and interest due and to become due on the Note.

My first instinct was to ask the Realtor but wasn't sure how good his knowledge on the subject is.

This time all $10,000 is subject to income taxes, so your net after tax is $6,000.

They will usually issue an LOI with the proposed terms and they are subject to change during the course of UW.

Second home occupancy loans cannot be leased nor subject to a property management agreement.

FHA allows you to live rent free and use projected rental income from subject property units to help you further qualify, conventional does not.

Anyway, I went off subject again.

Here’s my take on subject to1.

If all looks good, I suggest a one-year loan with one automatic one-year extension for another 2 points, subject to on-time payments, taxes & insurance paid, etc.