We chose not to put one of the units on an annual because of their history with the prior LL... the other unit's late payments came as a surprise because they had good history with the prior LL.

@Asem AbuAwad I like to track rates here: http://www.mortgagenewsdaily.com/I'm surprised there's not more chatter about interest rates.  

It wouldn't be fun to wrap a note that has an adjustable rate or any other surprise.

Don't be surprised if you need to pony up the money for the family to open probate if they're cash-poor.

I have a couple of questions please;1) What would I need to look out for (any surprises)?

Yes, I know, it probably only owes you say $140k, in which case $1,400/m gross return would well cover the high leverage you may have - but, the building will likely depreciate surprisingly quickly!...

Also, read a lot of tangential articles then about CA and am surprised how unfriendly CA seems to be to landlords.  

One interesting thing is that I was originally looking at properties in nearby towns and had called into two other city halls to find out the process was simple and cheap, so I was really surprised to find that Newberg is so over the top.

@Cody L.You'd be surprised then my friend...

It actually surprised me because often this forum doesn't always get that quality of advice.Second, there are other ways to attract investors for this space other than syndication that may be better suited to this type of investment.