As you were in property management, not sure if you ran your own company, but as you look at it..

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. 

Louis area and I work for Remax Best Choice.I used the cash-flow calculator to check the 6 properties we just closed on.

I cannot recommend RTR enough, they are the best!! 

To determine if an apartment building is a good deal, look at the property's cash flow, cap rate, and potential for rent increases.

If you're intending to invest in a particular niche as a real estate investor, it's best to study that niche including the local supply and demand in your area before taking action. 

They look out for both the tenants and owners.

Congratulations on reading the #1 best real estate book.

Like most people have noted, Costco and Amazon are the best places to go.

You could do a cash out refinance or even look at a balance transfer at 0% for a couple of years.