Is the loan taker obligated to now pay the 10% a year to the estate while it runs its course? 

Regarding the strategy piece, here's my initial take: you probably have some 'general' business chops that comes with running/managing any business (If I'm understanding what you've got going). 

Run a background check and have a income minimum.

Catch boxes will be installed every 6-10 ft and the drain will have to run until it can get lower than the house where it releases the water through a pop up drain. 

Yeah some horizontal wall running on the short side will always help.

This is why churches that run day care centers (if they're smart) have that daycare center run by a separate legal entity, not the church. 

Just run the various analyses and make sure you're comfortable looking someone in the eye and telling them you believe it is a good deal.

I can agree, take a flight and spend a weekend here, it will be worth it in the long run.

@Sean Jany A couple things jump out to me looking at it: 1) your closing costs seem low, 2) the monthly projected income seems off compared to the property description, are you running your numbers based on it being fully rented out (even though you'll live in one unit)?

Sounds like a home run.