Is the promissory note going to be recorded at the applicable property registry?

Note you will also have plenty subs that will travel the distance for you as well once they get to know you.  

What are the gain or tax implications with selling my wrap note? 

However, he did admit that he just wants to flip now and not be a landlord anymore, so I guess he'd be happy squeaking out 35k after a 7 year note and his interest. 

Note: No title company used on this sale.

I should note that I had a full-time property manager at the time she moved in (they have since been removed), and unfortunately they lost the only other key to the unit I would have had.

I came across something odd I haven't seen before when researching a property in pre-foreclosure.Due to having been in and out of default for A LONG time the note face value was 501K, but the  UPB is~1.7M.

You could carry the note if its free and clear and get a down or sell a partial of that note for any cash your needing, wrap the existing financing until they refi in a set time and cash out completely then, do a lease option/purchase if they just need more time, etc.

Also want to open the discussion for experiences people that have made investments doing these things...specifically Note Investing, Hard Money, and Flipping. 

They say they will just extend the loan after the 5 year is up for another 5 year term but to me this is still a bit scary as they could early not extend the term and I will be stuck with the whole note due.