It should detail any liens or subordinate agreements, including the unpaid balance.

Also many other Counties in non-covered States also include it. 

True, but (a) they were typically experienced investors, and (b) today's market includes record prices and high mortgage rates, which is a double whammy. 

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

However, be cautious—newer “B” properties are sometimes built in “C” neighborhoods, so careful due diligence is required.Monroe: As mentioned earlier, Monroe strikes a balance, making it a versatile option for investors.Trends to WatchTransit-Oriented Development: Areas near light rail expansions are seeing significant value increases.Suburban Growth: The suburbs around Charlotte, including areas like Concord, Huntersville, and Monroe, are experiencing steady growth as people seek more affordable housing outside the city center.When investing in Charlotte, aligning your neighborhood choice with your goals is essential.

I can build a 4-plex, four two story units side by side, with a total of about 5000sf for about $1m, land included.

With investment properties, most lenders I work with prefer to have an address to work with in order to provide a "soft" quote, which does not include a hit to your credit.

Whether it's considered an arm's length transaction is debatable, but it's not illegal.Move forward with the sale and ensure full transparency with all involved parties, including your CPA.

If your client is planning to use a loan to purchase the portfolio, they should be aware that many lenders include prepayment penalties or restrictions when properties in a portfolio are sold off individually.

I buy and hold and do short term rentals and mid term rentals.Located in Racine Wisconsin  Hello Gabriel: I also live in Racine County there are some great deals our way and including southern milwaukee county too!