By CA law if they've been there more than a year, they get 60 days notice.

Brandon how do you find a contracter that is willing to work under strict guidelines?

@Andriy Boychuk,When someone try to advise you on the note laws make sure you ask for references or better talk to a lawyer.

As broker's we are subject to strict compensation guidelines that are more stringent than banks too so that works out well for you in most cases.

Keep in mind your state usury laws and if the buyer is going to live in the property, I would suggest you avoid such an owner carry to avoid the new DF (Dodd Frank) laws and pitfalls that come with it.The question really is, what king of return can you get in another passive investment?

Ultimately case law will help to give guidance here, but given the novelty of the law nobody really knows which way courts will rule.

I would expect an agent not versed in legal law to use such a letter or craft it.

I've been selling some and only buying ones that meet a very strict criteria.

The best license to get is one to practice law!

Not sure what your state laws are regarding L/Os but it could be a possible exit strategy.