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While most of the issues can be overcome there are real risks involved. Your due diligence should include the transaction where the note was originated, the property value and condition, title search with lender coverage, past loan servicing records and verifications with the borrower, loan compliance, insurance review, taxes current, escrow account audited, basic borrower qualification issues and credit, payment history and keeping with loan covenants, note valuation, purchase agreement including proper indemnification for errors and ommissions, note endorsement properly made and filed, notices given to borrower, change of trustee appointment, servicing file set up and escrows deposited. I won attempt to compute the yield if I buy a 100K balance for 80K and refinance it in three weeks!.