If a couple hundred does kill you - I'd be freighted if I were you if a couple hundred on a water bill was a big deal - just waiting for that first inevitable call by your tenant in the middle of the night with a $1000+ emergency repair.It will happen. 

Set up some keyword alerts and get ready to read.Congrats on diving in and good luck!

What I have found in my area is that these types of wannabe investors don't last for the long haul, pretty much fly by night. :)

There are may perspectives and is still clear as mud to us but we'll just dive in and see where it goes and what we can learn.

@Clint Cook I like to sleep easy at night and not worry about things.

About four months ago the renters left in the middle of the night so he stopped making payments. 

Octoberfest, one of the 2 busiest times of the year is almost here ie highest $$/night of the year.

Like anything real estate related you need to be highly educated before you dive in lest you be separated from your hard earned money

Dion based on the information provided I agree with you.. worse case scenario our investors is dealing with a loan that the broker did little or no due diligence on before marketing it or its was one of those late night note brokers. this loan looks like it was  sale of a derelict property to an unsuspecting Note buyer. 

I hope this helps and have a great night.