Send me a PM and I'll send you a couple of examples of what is on the market outside of Atlanta so you can run your numbers and see if that fits.

He still makes a profit off of the government share.

I understand that they operate in real estate under one of a few exemptions from registering as a security with the SEC.

If you are a partial owner of this land, I would not invest much or any money into it.

I did a 1031 exchange for two C class townhomes I sold to one of my investor clients from the West coast.

In this instance what I would do is get the deed in lieu from the borrower so you ahve the property again and get a note from them but have an attorney draft it to see if you can include a confession of judgment - meaning if they do not pay then you can get a quick judgment and possibly garnish wages.I would also have them put a small down payment as part of the note and only accept a check that way if you ever did garnish you have a copy of a check so you know where they bank.unfortunately you are right they can stop paying on the note and its unsecured so its a risk but out of all the options this is your best option. 

It is one of the reasons I like a Wrap Note and Mortgage (or Deed of Trust). 

I'm looking for a way out of the Rat Race.

It seems to me that if I were the agent on the buying/selling side of these, I would save 2-3% on each deal (typical agent commission for each side).

The Skeptical Investor, which I hope we all are :)A frank, hopefully insightful, article from one investor to another.