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What comes to mind is the risk the property could be destroyed or damaged. So be sure that the property is required to be fully insured and that you have to be named as an additional insured. Another risk is that the building the condo is a part of could deteriorate, the condo. Association could cease to function effectively, and in general the complex could go to seed. In that case your security would be impaired. You are getting an attorney to make sure the paperwork is done correctly, right? |
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The risk is the same as any risk in loaning money. While you will get a better return, there are also increased expenses. Since you will have to service the loan yourself. This means sending payment notices, balance statements, tax information, etc. If the borrower defaults then you will have the expense of foreclosure. |
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