Its just a promise to pay, and if they loose their job, or a leg, or a spouse, or any other reason, it could force them to stop paying, and if they can't start repaying, ultimately you would need to get a Deed-In-Lieu, or foreclose.Also, not to split hairs, when you buy the note, you are not the lender, you are just the note owner who receives all future payments; you never lent any money.

My aim here is to learn as much as possible with the detailed knowledge of real estate terms and all the different types of foreclosures, mortgages and buying and selling problems especially home owners face or people who face bank interventions for forced home foreclosures.

Thi might scare her and force her to settle.

Some people find they are forced to sell if they can or even let their properties go into foreclosure because they cannot afford both the mortgage of the new significantly higher HOA dues. 

I have very traditional parents that are forcing me through college while the market passes me by every single day.

The tenant might also use that against you ie: several maintenance issues that you failed to address forced them to stop paying the rent. 

So I'll have to borrow the wife's car (hatchback) and hope the arms fold down so that I can get the mower over to the house tomorrow.Additionally, our stairs arrived.

If you do a balloon or ARM you can lower your interest rate - but I would base it on some available product.The cash(or bank financed) alternative is important because it gives them that option if they want it and it keeps either side from agreeing to a bad price.How long has the property been on the market?

Certainly, it's your right to fight to force this problem tenant to stay in your property, but why would you want to?

I just signed up with buildium right before they dropped their lowest plan and forced me up into a higher monthly fee.