I would never do that / why not broker the loan and collect a fee upfront.This is also super sketchy as no legitimate hard money lender would lend to someone who is going to lend the $ and not own the property

The note shall be referred after default to an attorney at law for collection if....."

Could anyone please advise how I should start the eviction and collection process? 

This can easily result in a situation where some states never collect tax revenue and other states collect more than they deserve due to mis-allocation of passive losses.For NC, it doesn't appear that the state tax code addresses this situation."17 NCAC 06B .3904 TAXABLE INCOME OF NONRESIDENTS AND PART-YEAR RESIDENTS(a) Nonresidents and part-year residents shall prorate their adjusted gross income, adjusted as required under G.S.105-153.5 and G.S. 105-153.6, to determine the portion that is subject to North Carolina tax.""

Quote from @Scott Mac: iPhone (Even though I miss the candy bar phones). my first mobile phone was one of those in a case :)  Also in our day with note collections borrowers would send in their check along with the payment book..

You can do both basic housing aimed at students (they usually aren't hard to impress, just want a safe place to sleep - they don't need fancy and usually won't maintain fancy) and higher-end housing geared towards all of the professionals who work at the area hospitals, and everyone who works in Albany area in general.

In any market, you need to analyze median income, and crime, and that will help predict where you will have more challenges collecting rent.Every city has their challenges with vacancy.

Best way for collecting rent, security deposit, etc. with 1 property.

I was impressed of how much information I got from a free event, of course, at the end they will pitch you about the full program but the event is totally worth it anyhow. 

I am super happy for you and even more impressed with everything you did to get there.