My reactions: - There is no allowance for bad debt or vacancy, which will happen at some point - Repairs & maintenance are VERY low. 

@Steve Babiak it just names the debtor as the previous owner.

But I would imagine a 10,000 sq/ft industrial building isn't too expensive in Fort Wayne, IN but still you would need to service the debt or account for a cash purchase in the beginning.  

If your rents are high enough, it should be fairly easy to keep this $25K per year tax free income stream going for the rest of your life.Notice, I did not offer an opinion on whether it is best to take on more debt or to pay off what you own first. 

You find the deals and sell them to investors so you never go into debt or shoulder any of the risk. 

Rescission occurs for several reasons, including technicalities with the foreclosure process, debtor paid prior to foreclosure, probate is pending on at least one of the property owners or borrower of the note, or property owner has a bankruptcy pending with an automatic stay prior to sale.

If any of our multiple CC accounts offer balance transfer checks we will continue to convert to cash, pay off other debt or use to pay contractors and then balance transfer into the business cards.

Debt or equity partnership will depend completely on the relationship between you the borrower and the lender, and the level of risk involved with the transaction.Debt partnership --  The lender loans you $120K, for 6 months, secured by the property, you make fixed monthly payments to the lender at 10% interest only, $1,000 per month. 

Personally, I do more notes than ownership of properties at this stage in the cycle but again that is partially preference.Also, if you are accredited you can do more passive investments of larger debt or equity deals. 

I was just the lucky winner to write them at the right time when they go sick of it, reached retirements, finally trying to consolidate debt, or facing the end of their life.It would be fairly hard for an agent to not be able to sell a property by not doing their job, truthfully they don't have much to do beyond showing it to clients.