@Matt LiuYou can use a third-party to service the note: you make your payments to the third-party (broker, mortgage service company, lawyer) and they, in-turn ensure the payments are made and acknowledged

Some examples:- House catches fire --> make sure you have proper insurance coverage- House floods --> make sure you have proper insurance coverage- Realize you don't want to be a landlord --> make sure you have researched property management companies in the area in advance- Decide you want to get rid of the property quickly --> did you purchase at a price such that it wouldn't be too hard to sell?

If a contract is accepted, that gives me the proper time to do everything I need to do.

How are you going to ensure maintenance is taken care of?

I put an electric "stove" style fire in an old coal fireplace in one of my first rentals, partly to ensure that the tenants didn't try to light a fire there

I like the strategy you're using, getting into properties with such little $$ down can be very fruitful if you plan properly!

Most investors will want a tenant in place, if they qualify, and at the proper rent.

Did you market it to the buyers properly??

Ridiculous.I recommend you speak with Housing personally to ensure coverage is an option.

While the term sheet isn't a commitment it ensures that everybody is on the same page with regards to the major business points.