In a perfect world an assignment (like @Chris Seveney suggested) would be recorded with each transfer of the note but in reality that does not occur.

This often occurs because the sponsor takes something like “40% of the profits over $XXX”.  

Since they notified you of this, you should get it taken care of as your insurance may not cover a claim if there is an accident because it was a known defect.

While insurance might cover the reconstruction of your property, the community's recovery could take years or, in some cases, never occur.

Marie Johnson - please see this link where what you proposed in your post seemed to occur for somebody:http://www.patheos.com/blogs/slacktivist/2012/11/13/rolling-jubilee-proclaim-liberty-throughout-all-the-land/

There are multiple planned developments currently in the works that would expand the desire for vacation homes, but as of now, we're still waiting for that to occur Hi Stetson, we are now considering building a new home. could you please recommend a spot builder in Cape Coral?

However, a surprise occurred with title that drove up our acquisition cost to almost $120k.

Then to be safe, I like to add 10% to it as a buffer when/if cost overruns occur.

They can change terms basically at anytime before closing for non-owner occupied - is it good for the reputation - absolutely not - but it does occur.

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.