So obviously, yeah, talk to a lawyer, but I imagine someone else has run in to this.

However, I imagine that there are people in every state who have profitable rental units. 

Its hard for me to imagine the property would sell for more than 70% of market value at a foreclosure auction and any other buyer is just a plan at this point.My advice, as a rank newbie you should probably ignore, is: Stipulate in the note, to the extent possible legally, that the proceeds of the loan are solely for payment of the first lien (arrearage and pre-payment of next 3-6 months months payment) and ensure the closing agent gives the money directly to the lien holder.Change the terms of the loan to be strictly interest and points for only a 3 month term and let the borrower worry about the equity

I'm kinda imagining Seattle is a little bit like the Jetson's cartoon now, where everything is vertical.

I am closing (in about 44 days) on a 200-room hotel in Wisconsin and just a few years ago, I never imagined I could do it but I did. 

I imagine you would attract the same caliber of professional as a lawyer who was willing to pay the client for the right to represent them in court.

Plus, I imagine even with mortgages you will probably cash flow more with 4 properties versus 1.

And then of course some stuff you really *don't* want tenants messing with - I can't imagine my tenants, most of whom are college students, properly pruning trees on the property or cleaning the gutters without destroying something.

The start of the Fall semester is August 20, and I imagine most searching for a rental got one after the end of the Spring semester, so there is a risk of vacancy, but not high given the property is 2 blocks from the school.Thanks,Nick the new Landlord

I imagine an analogy would be asking an engineer if they have memorized the mechanics of every machine created over the past 100 years.