It's a note secured by the lease.At $600 monthly and 24 months that's a 18.157% interest note.Be sure to charge fair market rents so you are realistic about the returns: If you didn't live there and fair market rent is $1,000 and you charge $600 for 2 years you're essentially giving him something like 78% interest.

I would write Hard Money with a 7 day commitment, if that is what you intend to use (and your HML can commit that fast, mine can).However, you can also use Hard Money and NOT have a financing contingency if you are that confident (you will lose your deposit if you don't get a commitment).I've never had an issue securing a deal with a contingent HML with a quick commitment.

Look up the recording in Book 833 and get the legal description of the secured property from that you can get an address through the Assessors office.Or, you could call the Trustee and ask.You might be able to do a name search for the owner as well and gey the address.The filing will show the initial lender as the note could have been sold.

You also run the risk of violating securities rules.

If you are buying a free and clear property, and she is carrying the financing, you would execute a note, secured by a deed of trust, which would be recorded.

If they start talking about needing to develop a "relationship" with you, make sure all your funds are secure and you have a button closing the pocket your wallet is in.

The rear door of the house, though locked, is poorly secured.

I know I need to request a copy of the renter application, lease, and to get any damage or security deposit funds transferred to us...but is there anything else I need to be aware of in this situation?

The security they required cost alot of money, but did nothing to make them safer.

You'll find that being a jerk to a jerk usually results in fun responses like damage.Lots of damage.Damage that may not even be entirely covered by a double security deposit.