The previous homeowner is glad they are not getting foreclosed and in the sub2 addendum I have them read it out loud while they sign it.The L/O tenant understands that they are expected to purchase the home within a specific time period.There is always risk or what if's in investing as we all know, I just try to reduce that risk from the beginning.Worse case scenario I'll short the second and modify the firstI hope that was somewhat helpful

The hardest part would be to prove the Reasonably Foreseeable/Imminent Default provision where you have to write or call to determine if your loan can/should be modified due to financial hardship etc.

Get a generic one and ask a lawyer to modify it to your specific state and with the contingencies you desire..

Took out all the carpet had floor treated with a molecular modifier, whitewashed painted everything that would hold paint, updated the appliances.

Modified...yes

What kills most new investors, especially in a hot market is that they modify their buying criteria and goals so that they can aquire a property.

The 10 year maturity date is where the LOC will modify into a different product all together.

A contract for deed can be modified, and a promissory note and mortgage ( or deed of trust) substituted.  

I can agree with you on a certain percentages of notes...especially if you are owner financing a property or just lending out money at 12% and you get refinanced out or the property gets sold.With me buying NPN's, occupied assets at usually below 50% of Fair Market Value, and if I can get the borrower to modify, then when and if they do refinance out, then it helps me "double down."

I buy notes from banks so that I can modify the homeowners loan so they can keep their home instead of losing it to foreclosure.