Although...if it's gas fired you should at least occasionally make sure it's operating safely.

If the relative is inspecting the property regularly to assure compliance to lease provisions, then I would support a fee of 3% at most.Triple net leases, in general are thought to be relatively safe investments; however, I've inspected NNN buildings after the tenant has moved out and the owners faced high five figure costs to repair damages done by "good tenants."

Another thing to keep in mind is that a properly prepared note is a negotiable instrument and so you should only have the one original that you keep in a safe place.

I doubt anyone would go to that extent, but better safe than sorry.  

To your knowledge is this the law or just to be safe and able to sell in the future with Title insurance?

I try to safe up money and, in the mean time, I market for great deals.

It would be fair to discuss how the SAFE Act and other Loan Originator rules impact on your retail entity's ability to serve the customer.

Whenever I pay a referral fee, I alway check with the state to verify they are a active licensed broker and a active licensed agent for the broker.In any case no payment is made directly to a salesperson only, I make it payable to both to be safe.

Also, you need to worry about the Dodd Frank act and the Safe Act, there is legislation in those that can land you in jail for creating owner financed notes the wrong way.

For example, in CA I'm told that mortgage brokers can sell fractionalized loans, and the Banker's Code uses that technique, but no lawyer I've spoken to in my location will endorse that.