Demand a written response within 14 days.

It generally saves quite a bit of headache to sell as-is because as you said, our local area is in such high demand as it is.

You'll have an undersized home for the area in a location that will demand a high price point.

6 beds will demand a good rent .

But with the recorded mortgage  you of course get a payoff demand as the bene.. and you just send it in according to the note.. 

Should an unauthorized occupant refuse to be bound by this lease, or refuse to leave on our demand, as the case may be, you agree to pay, as additional monthly rent, the sum of $25.00 for each day the unauthorized occupant remains on the Premises.You can also add some language about water use, but that could be tricky. 

If I had to do it again, I would have passed on that property which was at the median price point (far from a high-dollar luxury property) and continued my focus on houses well below median value.Buy at the upper end of the market with a high degree of caution and demand a huge margin, or you're better off applying you capital to other opportunities with more predictable costs and outcomes.  

It is common for a note investor to demand a yield greater than 10%.

The bottom line is that the appraised value of the house in this case doesn't matter because it's A) above your committed price to purchase and B) is only an opinion of value for the purposes of establishing the deal as a market value for lenders and interested parties of the transaction.Put another way, if the appraised value had been $120k, would it have been appropriate for the seller to come back and demand a higher selling price?

I am unsure a house of this size would have a high demand as a rental?