It must make sense for some banks/note holders to just offload non performing notes to investors rather than go through the foreclosure process.My problem is I still have limited info from the estate of the deceased.

Tyler, A note holder rarely wants the property back and rarely hopes the borrower defaults.

@Chris Seveney I think I read somewhere that you are able to make a claim for it (being the lender/lien holder) if the homeowner never claims it within the allotted time.

Indeed the lender, agent, and PM are usually the bedrock of a real estate investing team, but this can vary depending on your approach.If you are going to be heavy into BRRRR then having a solid contractor and a solid agent or PM could be the critical backbone, but if you are a buy-and-holder then your PMs maintenance team will likely be sufficient for your needs, making the PM a high value asset.  

There's the opportunity to buy down principle by being first in line to buy the note should the note holder ever wish to sell at a discount.

Different rules apply to refinancing as costs can be covered by a note holder or originator, offering much better terms down the road at a very low cost usually motivates borrowers to refinance so a balloon is not really needed in many cases.What ever is done on the more creative side, it's clear that it needs to conform to prudent lending practices, be consumer oriented and compliant, but it's possible to do business, it just needs to be restructured from what has been done in the past.I'd say too, beware of gurus jumping on such ploys, don't even think of going there. :)

If you give a security interest in your residence you need to check with your state as to Dodd-Frank issues.Brian's points are pretty much what you need to play on, change from being a landlord to picking up a check as a note holder at his mailbox.Check on the possible appreciation of that property, at a reasonable rate, you will likely need 25% equity before refinancing, so any balloon payment you build in needs to allow time for you to save and establish equity.

Windvest is located out of San Diego CA, and they have an option of buying shares to become a percentage holder in their existing portfolio.

This allows you to work with financed borrowers as well as get around the requested 30 day holding period for some note holders.

BEFORE you go any further see if that price is approved by the senior lender AND all other junior lien holders already and NOT just the seller.If it isn't you don't really have anything yet and the 500k isn't concrete.So call that listing broker or get you a buyers broker to research or you can call yourself.