I have been contemplating responding because because I am new to the game as well.

I am contemplating buying and holding single family homes for cash flow as a means to retire in 10 years. 

I am posting today to request any feed bad on a deal that I am contemplating.

I'm contemplating to carry a $50K note with decent interest that is against 3 SFH in Youngstown, OH.

Worst case scenario, I could always just manually retype the last mortgage that was filed by a bank and make changes as needed but that is a pain in the butt without even contemplating possible copyright issues.Simple terms:  $80,000 at 5%, interest only and paid quarterly with 2 year term and balloon.  

NO JUDGMENTS: Seller warrants that there are no judgments threatening the equity in subject property, and that there is no bankruptcy pending or contemplated by any titleholder.

I'd wait a year, at least, before contemplating selling the house.What is the neighborhood in Atlanta?  

Not willingness to service the debt, mind you, but ability.And by definition, anyone who is contemplating a "strategic" default has the ability to pay.

I would like to solicit additional input by posing my question on the subject.I live in Japan and have been contemplating approaching someone I've been working with in GA to propose a JV in student housing. 

And while there are some very valid points, and no accounting for taste (I'm not an artist), I've actually done what you are contemplating doing.