If done properly and legally you have purchased the "right" but not the "obligation" to purchase the property at the stated price.

Proper borrower documentation.  

I do not have mentor to show me the ropes on how to properly sell and manage properties or more importantly be the best advocate for my clients.

I'm a broker, and I have to maintain proper signage, have a physical office, etc etc.

There shouldn't be much to "managing" the LO if structured properly, but I assume you are an agent adn he wants you to be the property manager. 10% down is a fair amount on a LO, depending on the area. 

If the food is cleaned up properly, the ants will disappear.I'm curious...is it canned food or dry kibble food? 

I think that the property can work if properly managed but of coarse there is always a risk.  

Expenses that can be taken immediately and those to be amortized are not changing and I'm sure Brandon was correct in address the proper accounting.  

Ask any investor or rehabber- That team of professionals in itself is worth its weight in gold.

As long as they are properly filled out, make the proper claims and are signed and notarized they are no different than having the original note.In this case, the LNA is more of an instrument of ownership than the governance of the debt.