Just trying to make sure it isn't called due right away or in the middle of the term as then we'd be scrambling to figure out how to pay it off when we both agreed to be on a payment plan until the balloon payment at the end is due.Seller finance makes sense in where I'd essentially be the lender collecting monthly payments until due.

Money you can collect cash flow from for years to come.I looked at financial adviser's who promised 30-40K per year return on the cash after taxes. 

Hello Cherilyn,I think you have a couple of options, the good news is that they are paying you, the better news is that you are collecting late fees.1.

If you collected an insurance claim you would only be able to collect your out of pocket (ie deductible).

So, we obtaina full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc.to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyPublic RecordsWe also obtain data from national databases about evictions, convictions and sex-offender histories.

Monthly payment $1256total note collection remaining $139,416.

Usually, this would be in the form of a rent roll and contains everything related to your property related to vacancy, rent collected, expenses, fees, etc.

(Say 60% LTV) Do you have enough reserves to go after the collection of this debt if they stop paying?

do I now Request for Tenancy Approval (RTA) form so HUD could come inspect the property and starting collecting rent (assuming inspection is passed)?

And collect income, pay bills etc.