Dodd-Frank may not require a servicer, regardless, I suggest you turn the deal over to a servicer ASAP, as you have servicing issues of notice under state law.

@James WiseI don't have any MLS worthy comparables for the subject property but for the recently sold properties on Zillow, Trulia, Redfin, and Realtor.com, I calculated an understated ARV of $150,000.

And given the expense numbers being so very low compared to "income", I would say some of the expenses are being understated or ignored.

The entry amount to be paid for the collateral goes to the balance of the loan and allowed costs of collection under state law.

Ibrahim, you can expect income to be overstated and expenses to be understated.

Repairs and cap ex expense are often understated when taking into account the long term expenses and income associated with rentals.

- What options are available under state law that provides me with some amount of security, as the seller, once the deed is transferred to the end buyer upon signing of the contract, in the event that the buyer defaults on their payments? 

Personal Finance is something I am a huge fan of myself, and can not be understated how valuable it is to both real estate investors, and the general working person themselves. 

1 - you elevator pitch IMO should be simple and understated.

If you hide or under state your income to reduce your tax burden this is where that comes back to bite you.