A single family home, or a single unit in a multi family home, will and 'should' correspond to a single lease.If it's a master lease, with $X in rent, that allows that master tenant to sublet, they will/should use that $X (the idea being the master tenant contributes their own funds, and the $Y/mo funds, to come with the $X).But if you have a single unit and try to hand the underwriter multiple leases, they will not add it up and count them both. 

This has happened to me several times when I was mailing back security deposit claim/refund correspondence to tenants.Once the 3-day notice deadline has expired and the tenant still has not paid the overdue rent or has not vacated the property, you need to file the eviction case asap.

The seller carry back note (promissory note and corresponding deed of trust or mortgage) would be drafted in the seller's name (as the lender). 

Mandy

Along with that should come a Servicing Correspondence/Call Log and Borrower Correspondence Letters such as payment demand letters and other communications.You will likely want to check for bankruptcy actions on behalf of the borrower.

There is typically verbiage that states the owner must notify the management company a specific number of days out from the end of the current lease term to discuss any desired changes whether its for price increases, non-renewals, renewals, etc......The number of days out correspond with the notification dates to tenants based on state law.  

So, sellers can also be asked to sign notarized affidavits personally guaranteeing the validity of leases and ledgers.So now, let’s get to the clause to include on your purchase agreement to make sure you get all this information in enough time to review it.Seller(s) agrees to provide the following to the buyer within X days of buyer’s satisfactory inspection, but in any case at least X days before closing: All rental leases, rent ledgers, tenant(s) valid phone numbers and email addresses, rental applications & supporting tenant identification, income and asset information, any documents corresponding to any ongoing legal actions pertaining to the property, leases, service contracts, etc., at least three (3) months of the most recent bank statements for any account(s) rental funds were paid into and any company or corporate tax returns for proof of income and expenses.

Simple process.All your correspondence to that address including tax stmts would go to the registered address which would be your attorney and they would scan those items and email it to you.

So the more (in our opinion ) negative factors in a particular note, the higher yield, or correspondingly deeper discount we require to engage our interest.Your example is a second lien, at 100% total LTV, with little seasoning.  

I thought I remembered corresponding with an Army guy earlier.