I work a very demanding full time job so multiple projects at once seems a bit intimidating.

It's customary that default will award 10% of the sale price for or as liquidated damages and if not paid upon demand the party in default agrees to pay costs of court, reasonable attorney fees and collection costs, so defaulting can get expensive.

On the weekly rentals you have to make the entire year's annual income in 12 weeks, because in the 40 week off season the demand sharply drops.

This has been the old scam of investors, part of the reason I'm sure new laws have been adopted and such plays on the formation of a new regulatory agency, the CFPB, so far, they don't appear to be very investor friendly,doubt they will be in the future either.As Marc pointed out and as I mentioned, any note buyer will be considering the collateral, the market value.

I will likely update my lease to have a simple $35 late fee after the 4th and on the 5th automatically post pay or quit notices and just play hardball.  

Oddly, NO DEPOSIT was stipulated or requested by the seller or demanded in the purchase agreement.

Thank you Dion, these waters are rather untested to date, the insight I provided is from experience, there are many "life events" that can come into play after a note is made, not just can, but do.The best thing to do is to avoid issues popping up in the future.Don't misunderstand, the lender and the borrower ultimately must agree to the terms.

If the seller isn't willing to play by my terms and sell at a price that makes sense for me, the decision is pretty simple - I walk.If they need to know the specifics of how you came up with your offer price, then yeah - feel free to include the PM fees as part of your reasoning.

Appraisal will call it out and demand one provided before they can sign off on it.

Keep letting us know what's happening as you start playing...