I have recently started in the note business and would say you want to verify the collateral with a BPO, get some pictures etc. verify the taxes are paid and title is cleared and the insurance is in place as well as having a lenders title policy (this is often overlooked).I would recommend using a servicer to avoid any Dodd Frank issues and to make sure your note is properly draftedFeel free to send me a PM if you need more information.

@Duncan Taylor , when you suggest purchasing liability insurance, is that in addition to the policy on the rental property itself?

Doing this will terminate any protection your partner received if they buy an owners title policy at closing.

And I have ZERO intentions of ever buying in a mostly Section 8 area or renting on Section 8 ever again.

So here is the summary of eventsWe listed the property at 104.7k and got 2 offers within the first 2 weeks on the market, remember that up here in IN we have been having a brutal winter, multiple feet of snow and below zero temps.

Everything is negotiable, having said that, here is what's customary:Seller pays: Seller's portion of escrow fee, owner's title insurance policy, seller credits to buyer if any, city & county transfer taxes, agreed to repair costs and sales commissions.Buyer pays: Buyer's portion of escrow fee, lender's title insurance policy and lender fees, and down payment of course.That's all I can remember off the top of my head.

In a pinch you need an exit strategy, and with the new flood insurance cost this home is going to be hard to sell should you need a quick out.Does a renters policy cover flood damage?

:)BTW I didn't mention that the lender's policy cover foreclosure issues and that it's usually free, goes with the owner's policy

With 10% PM, this deal essentially goes to zero gain for you.I like this place at 100k, self(well, you) managed.

@Ankit Duggal @Jared Cucci I'm not sure what the policy is here in the forum but can you share Pellegrino's contact details or website (if they have any)?