For someone who has no experience, performing notes are a great way to get cash flow, like a rental, without the hassles of toilets, termites, and tenants.

REO is more of a banking term... It's

I've fought with roaches, snakes, ants, fleas, raccoons, and termites.

@Zachary S.A balloon payment is an oversized payment which is generally posited at the end of the loan term.  It's

On the Seller's Disclosure form, many of the questions remain unanswered, such as, "Do you know of any previous/current presence of any wood destroying insects/termites in or on the property or any existing damage to the property caused by wood destroying insects/termites?".

Long term it will do better then homes in 38127. 

If you intend to hold the property long-term, it probably makes sense to refinance when the rate drops 1% lower than your current rate.

Buy and hold investors are typically more focused on long-term appreciation, while cash flow investors prioritize generating income in the short term. It's

It is a great plan with a lot of up-sides, but unless you legitimately and truly qualify both today and over the long term, it is not the right plan for you.  

@Aaron Howell - Long term it is not a big deal, but there is already about $4500 in Cap Ex to be done immediately.