There are other issues like being able to stay put for a long time, keeping kids in school districts, being able to do whatever modifications you want, etc.

Had it been 70K I would have lowered the hammer.You mention modifications, understand that modifying a note is a new extension of credit, if it is an owner occupied, 1-4 family, that note then falls under Dodd-Frank as sellers are exempt from origination issues to a point, a note holder who purchased a note who deals in notes will be in a lending status.

Fortunately it was a small grow that didn't cause any big issues (moisture damage, electrical modifications, etc) but every surface in the unit had to be painted as well as new carpet and pad.

I would research and see if you can find anybody else that has written something similar online or look at the Rules & Regulations documents that most HOA's already have as a guide.In reference to what you have written -- No "modifications" (spelling issue)- Might want to mention animal waste needs to be dealt with immediately- Why check/replace smoke alarms every 6 months?

Realtors can work with installment deals, they and the broker must amend the listing agreement as a commission is due when title changes, so you need to walk them through the modification and it's best to say when commissions will be paid in the offer, they will change their tune if they see they are getting paid and if the deal is workable for their client.Study the basics of RE before trying to learn the tricks of how to sell or buy RE!

I plan to submit for a modification.  

Mostly as a result of modification but a couple in origination.

I have other irons in the fire as well, family estate planning again.I'm redesigning a trailer, hiring out the modifications and preparing for a planed trip to the Arctic Ocean in March, 2017, Going to Tut, it's a bucket list thing.

For others, if the property is underwater, refinancing may not be an option and they will need to look to a mortgage modification.

This was an old house where it had been a modification from a SFR, to an SFR with an add on etc......Long story short, please make sure you get a good inspection prior to committing to a project like this.