You're in good shape with what he did.When I read your post I was thinking more of putting a security instrument on the house and getting a detailed outline of your agreement that it referenced.

I have used CL for YEARS for music gear, motorcycles, and furniture. 

I quit listening to my music on my local radio stations because I hated hearing 2 songs and 4 commercials, lol.

Hey Folks,We've all seen many investors cashing in on infill/development projects as well as landlording on appreciation speculation in Music City.

@Rocky V.The OP is purchasing a mobile home not attached to land so a deed is not the instrument of transfer.

These are antiquated instruments and not favorably looked upon by the majority of the industry.  

The only thing I can think of is when they are forced to seek a judicial foreclosure based on a promissory note or other mortgage instrument that did not include power of sale.  

Quick Facts- Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 120 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes

I do know at my quickly advancing age and many my age that have been through rentals these investors tend to gravitate in later years to debt instruments and other types of income producing investments that preclude rental income to tenants especically low end tenants.  

There are many that will invest in different types of REITS and Debt instruments.