@Joshua Detherage I will reach out to you.

Do you think they were trying to get a refund?

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

Although I am not sure how to enforce this one, there should be active, on-going communication from the the borrower to the lender .... as one would expect from a GP/Operator to the LPs in a private equity syndication. 

Also anonymity today is a joke, I can find out within 3 minutes and a simple $1 skiptrace who owns a property and where they live.

The information contained in this post is not to be relied upon.

Why wouldn't you ask them to sit you down and give you the "download" on everything you should know to do this? 

There is no real estate involved; they are on a lease.My bank is currently looking at how much they can give us for a cash out refi of our rental condos, but we are trying to investigate all options.Thanks for any advice. 

Try interviewing at least three managers.1.

@Trevor Finn Nailed this explanation!