Yes, you have an obligation as a note holder.

The biggest issue with business owners and policy holders is cost (I know, I have been a benefits consultant for 22 years).

Not until they discovered that the earth rotated around the sun and not visa versa was there a problem.

You should also look up judgments against them at the county prothonotary (where they are located or where they have done work).The lockboxes are a good idea to use; just avoid giving the combination to just anybody until you have investigated their background a bit.You should have them get their insurance agent to issue a certificate of insurance where you are named as the certificate holder, so that you are notified of changes or cancellation in their coverage.

Saving $21K for just keeping your Visa or HELOC checks in your pocket isn't so bad.

Your best bet is to look for relatives of the life estate holder.  

There is no difference in my opinion doing it with or without a license except in one case you could be fined and face punishment and in the other, you have no worries with the State laws.I also agree that morality is individual.As an RE license holder, yes, you have to disclose yourself as an agent every time, so that may suck sometimes or I believe it can work to ones advantage also. 

El problemo there is buy and holders hold for longer than 12 or 24 months.

Originally posted by @Jacque Sacramento:I pity the buy and holders buying vegas today. 

One of the main things to remember is to make sure all interested and by interested I mean anyone, including mechanic lien holders, that have any kind of interest in the property such as Mortgage, IRS, etc.