I feel research for your needs before the event arrives helps to mitigate against poor hasty decisions.

@Charles MitchellIt went so bad the poor guy had to sell his laptop for groceries.

Turn the property into "condos" and sell the units individually to the occupants or other investors.

Chris...I believe this is in the circumstance of loans made to individuals where the loan is securing a primary residence, correct?

I printed out a standard letter, but hand wrote the individuals name at the top "Dear Mr Owner", hand signed each one at the bottom, and hand wrote the address on the envelope.

We were able to itemize instead of taking the standard deductions on our individual tax returns while it was our primary residence, by deducting mortgage interest, taxes and qualified improvements, but then learned the power of the P&L and taking business deductions against the passive income to offset our tax liability.

I'm considering creating another document that is completed individually to collect this data.

My two cents are as follows...we were tasked by Progress Residential to source and acquire homes for their portfolio in Atlanta but initially they did not want us to manage their homes for the reason mentioned...potential conflict of interest...after about 6 months using other managers with poor results, they came to us and asked us to manage given the fact that they were so pleased with the way we professionally approached the acquisition process. 

@Andrew Y.It depends on your loan whether you are creating a portfolio loan for both  properties or two individual loans.Check other banks for better rates.  5 years is typical in my area and amortization is either 20 or 25 years.Check with the bank if you can roll it back into a new 5 year loan.  

Recently I participated in a three days property investment workshop from Legacy Education (Rich dad poor dad) which ignited my interest in REI in the US.