Is this worth the headache or pass on this.

I'm not sure where you're located but where I am, I can check local LLC information and do a search for loans they've done and then I can see any legal problems they've had.

My property is worth 1.4M last time I got it appraised (around 2019) It should still be at around that level.

It's hard for you to find a good deal when everyone knows their property is worth a lot more today than it was a few years ago. 

Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.3.

But nothing worth having or achieving is easy.

If the note has truly been administered between private parties the borrower will want to provide copies of the cancelled checks and a letter from the original note holder with a payment summary.

This is likely something you'd want to revisit in 10 years rather than now.I know you mentioned the anonymity portion, is this worth potentially spending $2-3k per year or more for?

If you are looking for cheap properties, I would check out Ohio. 

Especially post covid with all the supply chain issues that followed.  4-6 months is a much more realistic timeline and if the builder is off any worth you might have to get in line.  4-6 months is assuming you have closed on the property, permits are in place, a contract is signed, and the weather allows me to start today.