And if you don't include the risk of somebody messing up something that will unleash the wrath of the IRS on me.Then there is asset protection: can you lose the beneficiary interest in a CRT in bankruptcy ?

The previous owners filed bankruptcy and moved out approx 10 years ago.

I failed to mention he is in bankruptcy.

There was a case here that the owner appealed in court, file bankruptcy, and did everything possible to delay the proceedings. 

The other end of the spectrum are solo practitioners who usually went to local law schools (much less demanding/competitive), they advertise in the phone book, the name of their firm is usually their own name, and they usually list a long line of things they do--criminal, bankruptcy, traffic accidents, etc.  

I can estimate this based on various bankruptcy and foreclosure filings that have been made in the past, but since this isn't the foreclosure of the first lien, I don't have an exact amount for the first lien payoff.2) If I request a payoff from the bank, will I be forced to pay all fees and other charges incurred by the borrower for non-payment?

Unfortunately if you lose your job in a bad economy, your tenants may lose them too.Imagine another situation where you are forced to file bankruptcy.

There are ways around the process serving requirement, as the lender could petition the courts to use some kind of alternative or substitute service like publication.The other play is bankruptcy.  

I think if you interview me, you will have to allocate 2 episodes because I've done so many mistakes :)Here's part 1 of my 3-part story:https://www.biggerpockets.com/forums/55/topics/690349-from-bankruptcy-to-1-000-units-part-1-thru-the-dark-tunnel

The MAIN competition comes from Bankruptcy Attorney's.