We like the idea of having an investment that brings in cash and requires no or little oversite.

If the answer is no, that means they are a broker of some type.

No sooner had we even closed on the property than they found a tenant ready to move in.

Carrying costs are minimal, I bought all cash - no bank interest to worry about.

There's no fixed max size beyond local zoning rules.

The tenants were more interested in that than turning on the already-installed alarm system because there was no monthly cost.

One of the biggest issues is probably borrower default—whether due to mismanagement, market downturns, or unforeseen circumstances, lenders can end up in long, costly recovery processes.

There may or may not be a pre-pay penalty, obviously I would negotiate for no pre-pay.- at year 7, can i extend balloon or notNo, unless it's in the contract or the seller agrees to it. 

You are adding costs and complications for no benefit at all.

There are no simple instructions on how to simply skip trace someone's info.