With commercial you're probably looking at 5 year fixed, 30 amortization, then adjustable rate after 5 years.5-20 is sort of a no man's land as a resident manager is not cost effective. 

It is suppose to go into effect November 15, 2015.

Personally, I prefer to handle the entire tenant placement process myself for the following reasons:-nobody will care more than me-I have processes in place for all aspects of tenant placement (so I don't need to spend any time learning how to do it)-I like to meet all the prospective tenants in person (meeting in person vs. on paper or over the phone can be very important and effect your decision)Again, that is just my preference.  

Then, you could effectively get a discount on the real estate and pay no interest (to yourself). 

So you are thinking that there might be some SFR out there that have a monther-in-law suite or something?

Effective Date: 10-06-1980 5313.02 Required provisions of land installment contracts.

Absolutely get an attorney, go to the DA with a fraud charge as he didn't secure the note as he led you to believe, not just a civil suit but criminal as well.

If you are not suited to deal with them you are probably better off not buying a rental property. 

. : ), etc.You need to have a clear understanding of what you want and are trying to do and communicate that effectively on the phone.

I can't effectively provide much more info but it looks like a great property to work with if you have enough cash to cover the rehab.