State law has provisions for the change of ownership. :)

Some people have bad feelings toward Realtors, so I usually say it something like this: "oh, by the way, the state law requires me to tell you that I am also a Realtor".

By CA law if they've been there more than a year, they get 60 days notice.

@Andriy Boychuk,When someone try to advise you on the note laws make sure you ask for references or better talk to a lawyer.

Keep in mind your state usury laws and if the buyer is going to live in the property, I would suggest you avoid such an owner carry to avoid the new DF (Dodd Frank) laws and pitfalls that come with it.The question really is, what king of return can you get in another passive investment?

Ultimately case law will help to give guidance here, but given the novelty of the law nobody really knows which way courts will rule.

I would expect an agent not versed in legal law to use such a letter or craft it.

The best license to get is one to practice law!

Not sure what your state laws are regarding L/Os but it could be a possible exit strategy.

Especially of working with preforeclosures, it's good to know laws/rules and procedures so you know what you are talking about.