The fact that I'm located in the New York metro area necessitates out of state, and my hours dictate turnkey.

With some very slight modifications, clause 5 not being one of them.......

The issues are with owner occupied consumer loans where there are collection and originations/modifications requiring a license.

I tend to be cautious around the idea of modifications.  

The new buyer of the note would have to negotiate a loan modification or foreclose. 

I could not rented so I decided to move in and hold it til the value goes up, I got a loan modification because of my condition that helped me a lot. now it has equity and I feel more confident in going to try again to investing.

Wayne is one of the nails on the head, do you have a legally enforceable note, did you check against the Dodd Frank requirements.Next, any modification of a note is a new extension of credit, so again you need to check compliance under Dodd Frank.Since you made the loan, was his credit about the same when the note was made?

The "Modification Agreement", which should be of record, will have formally restructured the loan.

I would have the lawyer draft up a notice for the tenant stating what your minimum requirements are by law and that nothing else cosmetic, no luxuries, and no modifications will be made to the home.

I have full time employment but use real estate as a secondary source of income and to a certain degree I don't see myself becoming to busy with real estate that I can't make time for a 9 to 5 job, although I suppose there's always a certain part of me looking at how I can scale the business - and if it works out successfully, it would probably necessitate me making real estate a full time business.I don't think it was bad to generalize the categories of investors and it sure didn't seem to be meant negatively by any means.