It also sounds as though you did not do an LLC and choose to be treated as a Sub S corp, so the income will also come to you as Earned Income, and will also be subject to Self Employment Tax (although you might have already paid the maximum).I applaud your decision to set up some kind of system before you do anything like this again.  

The real estate market in Greenville continues to be hot.

I assume you mean the borrower subject to the lien?).

@Jay HinrichsThanks Jay on the response and you had a lot to say about this subject.  

Both of those areas hot spots.  

Depending on their bank and the terms of that note... but often they can owner finance subject to their existing note. 

If I was an agent I would have a HOT spot. laptop and portable printer and scanner with me in the car at all times.. so I could get it. doneI first met an agent about 6 years ago that had that set up.. of course he was a top agent

Start with all the subjects from the last 2 years or so that you think appeal to you and then once you are hooked listen to everything else newest to oldest. it is free, entertaining and in just a few weeks it will give you a pretty complete "education" on everything that is out there.

It currently rents for $850, which is under market for this neighborhood (market is probably $950).With taxes, insurance, debt service, management expenses, 10% for maintenance, 10% for capital expenditures, and 10% figured in for vacancy, I'm calculating a current cash flow of $90 / month based on the $850 rent.I know that's not stellar, but here's why I like it:The neighborhood is one of those neighborhoods I really believe in -- it is minutes to downtown, and central to major redevelopment and transit projects in my city (Atlanta), and it may just be one of these hot neighborhoods that becomes one of the great places to live.Right now, this is the cheapest on-market property in the neighborhood -- the closest comps are in the 85-95K range, and several flips (not comps, but nicer houses on the same block) have sold in the $200K range in the past month.

So that would have been very challenging with an occupied unit if you plan to do that, but perhaps your market is so hot, that fix up may not be required.