What will this same lender need to provide title and escrow when I sell the property?

It doesn't feel right to take a monthly loss on an investment property but it could be worth it for the short term. 

While its true that mortgage rates don't correspond directly to the fed rate, I think its still somewhat related. 

What is the fair market value of the property that secures this note?

The key is actually purchasing the goods or property in question, and not merely acting as a broker or agent.  

However, I heard East Cleveland is a D to F class area.For those of you with rental properties at or near East Cleveland, what is it like managing rental properties over there?

Hey @Ricardo Polanco - inspectors, whether it's announced or unannounced, should not be forcing their way into your property. 

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

The 500-hour rule means spending at least 500 hours actively managing your rental property, which could include things like tenant communication, maintenance, and bookkeeping.You can also group multiple properties together as one “activity” to make reaching the hours easier.

What Bob said is true.