The biggest downside is that the servicing fee ($15ish per month) eats into the payment you're receiving and has a bigger impact on those small notes.Good plan though.

Their request was that if I allowed them to move in to my home as soon as possible, that they were willing to forfeit the credit for some home repairs and also that they would provide a "Loan Commitment Letter" from the lender, letting me know that they were approved and all they were waiting for was for Quality Control to give the green light.

. • if you buy a condo the hoa fees will eat you alive and you will not make profits •You have enough money to perhaps put up front costs on a flip and use a private or hard money lender.

Randy was doing good until she was cooking ramen or something in the kitchen and asked if we wanted anything to eat.  

That said, I already had experience as a spec builder, land developer and landlord so I was not exactly green.

@Brian Green - What's the downside of operating the property "as-is?"

It's not worth the risk of having the market be slightly down when needing to pull it out, and I didn't even think about the costs associated with pulling the money out, that would pretty much eat up any short term profits and would just add to the loss if the stocks were down.I appreciate all the responses

I know both those costs will eat into your profit as assigning it will free you from those costs. 

If you're green you grow; if you're ripe you rot.

They're more than happy to take a few hundred bucks from you a year while you don't eat up any resources.