I appreciate your feedback as it has been instrumental in helping me make a well-informed decision.

Darrick P. as many suggest get a party involved that knows what they are doing which can be a licensed originator and/or attorney.In the interim to give you a better example of a better instrument you can always review what the big boys use (Fannie Mae/Freddie Mac) here is a link, you would review the Multistate Note.http://www.freddiemac.com/uniform/doc/3200-MultistateFRNote.doc

Once you get more advanced you may want to cross reference land data with the recorded instruments (deeds, etc) in the county's register of deeds.From Multonomah County:6) How can I find information about my property?

While the partner is free to secure a loan, with recourse back to him, most banks are going to ask that both owners sign the note, and are going to require that both owners sign the mortgage (the note instrument and the mortgage document are two separate items in play here).

If you buy a loan (note and security instrument) you become the Mortgagee (Lender).  

Which instrument will you be using to control the property - you may do a lease with an option, you could do a purchase agreement and close with a mortgage and promissory note, etc. 

If the borrower defaults, a Mortgagee can look to the rents through the instrument and courts.

IMO a few of the best search criteria are: date of sale, type of instrument recorded last, state in which the tax role is sent, current appraisal value, exemption type(s), appraisal adjustment(labeled as percent good here), and by name(can find owner of multiple homes easily).I hope this helps

V1 A Professional Service Company Date: February 20, 2010 ADDRESS CITY TELEPHONE Void after 90 days Exactly**********************************************$500.00 ___________________ ***********Five Hundred Dollars and .00/100***********____ Seller Name Seller Mailing Address Seller City State Zip Deposit to Purchase Property Address This is not a check or a negotiable instrument I Buy Houses in Foreclosure and Process Short Sales at NO cost to you!

[If individual Assignor]Name:__________________________Name:__________________________[If Assignor is an entity]a_________________________ By________________________Name:_____________________Title:______________________STATE OF NORTH CAROLINA) ) ss.COUNTY OF ___________ ) The foregoing instrument was acknowledged before me this____ day of_____________by__________________________________________________________________________________________.My commission expires_____________________________ Witness my hand and official seal.Notary Public _____________________________________EXHIBIT AtoASSIGNMENT OF CONTRACT TO BUY AND SELL REAL ESTATE[Attach copy of Purchase Agreement, including any modifications]