A note is a start, but you'll want a security instrument as well.

The aim is to avoid any backlog in the Sheriff’s office.Creates an online auction site for foreclosed properties.Modifies the appraisal and advertising process for subsequent sale attempts, while eliminating the 2/3rd minimum bid requirement on subsequent sale attempts.The OSBA Real Property Section and the Banking, Commercial & Bankruptcy Law committee were instrumental in crafting the bill and assisting with its passage.

I certainly did not, and neither did the mortgage lender who  pre-qualified me.After closing on the HELOC  this week, I was reading through the docs last night and stumbled upon the Occupancy clause :"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control"So I'm not sure what to do.  

You're in good shape with what he did.When I read your post I was thinking more of putting a security instrument on the house and getting a detailed outline of your agreement that it referenced.

@Rocky V.The OP is purchasing a mobile home not attached to land so a deed is not the instrument of transfer.

These are antiquated instruments and not favorably looked upon by the majority of the industry.  

The only thing I can think of is when they are forced to seek a judicial foreclosure based on a promissory note or other mortgage instrument that did not include power of sale.  

Quick Facts- Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 120 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes

I do know at my quickly advancing age and many my age that have been through rentals these investors tend to gravitate in later years to debt instruments and other types of income producing investments that preclude rental income to tenants especically low end tenants.  

There are many that will invest in different types of REITS and Debt instruments.