You purchase title insurance in case there is a lien they missed.It sounds like you merely defaulted on the contract.

But, if steady long term cashflow is a goal, with no management, one can always sell farm land on a low down private contract.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Quote from @Alex Ng: I plan to purchase a property with an executory contract.

Every small relief in rates triggers a rush of buyer traffic, I would take advantage of this fall and winter before the cyclical spring market rush.  

We can turn them around in just a days notice, we’ve actually had wholesalers come to us day of close because an issue popped up with contract verbiage or $ disclosure etc.  

.- Maintain proper records, such as contracts, settlement statements, and promissory notes.

The house is under contract and i hope we close soon.

Marcus - do you have the deal under contract?

Over the last several years I've been in a heavy cycle of acquiring and building rental portfolio, flipping, contracting, and being a realtor.