Gary and Greg,
I've been in RE Investing for over 10 years now, and have seen so many changes. Especially with the rental and owner finance markets. If you have a "loan officer" (i.e. professional) process your paperwork, and they followed the letter of the law, you will be fine in implementing the foreclosure process. Its the homestead laws that are tricky. Do make sure you have an attorney, either way. I just foreclosed on a property (high end) back in April, and my attorney fees were $6,720. Steep, I know, but worth it to insure the process is followed to a tee. Additionally, I paid a Mortgage Broker to construct the paperwork to make sure I was in compliance in that area too.
For future Owner Finance deals, make sure you are in compliance with the new SAFE ACT laws regarding loan origination. You can pay a third party to handle this for you, as long as they are licensed with the State of Texas. I believe it only applies if you have more than a certan # of properties, but validate that as fact before you proceed.
Owner financing is a profitable venture, and much better than renting (in my opinion) as long as you follow the rules and the laws.
I hope this helps!
Jacque
