Well, feel free to reach out to me directly when the new 2nd lien holder contact you, or if you have any questions, and I can give you some tips on how to negotiate. 

I agree Christopher, and to  be clear none of my comments were directed  at you personally, or specific to your system, I always address things from a generic view point of the subject matter, however, I am not, nor would I advocate zero interest notes for more than 12 months or under some very unusual situation where such a note was intentionally created to accomplish something for the note holder.  

You need to be listed on their policy as both an additional insured as well as a certificate holder.

The Seller is willing to take the property off the market and be willing to sell it to a specific Buyer for a period of time because they are getting paid for that time.The Buyer or holder of that Option may or may not be leasing the property.

@Tim Jonasson Wow I have always avoided land leases, but I didn't realize the holder had so much to gain at the expiration of the lease!

You can also sell it too, or possibly work with the holder of the note to extend the terms.  

one of the advantages of a conventional loan is the ability to take out a 30 year fixed loan if you intend to be a long term holder.

With time, hopefully I can hopefully rent it back out to a single lease-holder.  3)  Completely forget this property.  

On the Tuesday before I got a call from a note holder (performing, on an owner-occupied house in the Virginia suburbs of Washington, DC, where I lived, first position, good equity, good pay history -- one of the best notes I've ever bought).  

Have them fill out a W-9 form, always pay with a check, and if total payments paid to them during the year are $600* or more, then filing a 1099 is appropriate.Also, you should get them to add you as an additional insured (or at least a certificate holder) and have their agent send a copy of their insurance to you directly.