I agree with the notes above but will also caution you to make sure you're very conservative in your underwriting for the multi-family properties with more square footage.

Some lenders would raise the 20% with private investors through PPMs or unsecrued notes bank does not allow junior loans.

Just dropping a friendly note to say hey.

On that note, any good PMs anyone would recommend in Detroit area?

Then the seller is holding a note for 5 years.

IMO if I had to sell - I would contract for deed so I retiain title until the debt is paid off or at minimum a wraparound note on my existing debt and have the investor personally guarantee this coupled with a deed in lieu of foreclosure (now the investor has skin in the game if they default). 

the note is converted or exchanged for credits?  

What entity issues the prom notes?

@Mary Parsek you are pretty close with this forum but I would suggest posting this in the "Mortgage Notes" forums.  

And yes, I understand that they do not have to notify us if the note is bought out.