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.

A review of our files found (i) no violations or alleged violations or regulations applicable to the Property, whether pending, contemplated or having already occurred, (ii) no fees due or pending with respect to any matter before the City Zoning Office; and (iii) no pending application for rezoning of the Property, or for a special or conditional use permit or variance in connection with the Property.

I contemplated executing the process on my own (with a little Legal  guidance) due to all the online information, but the potential to avoid Probate sounds better.