This is sometimes dressed up for investors by calling it; ‘future value investing’ or ‘specific-demand collateral’ this is the highest risk Trust Deed investment available to investors.  The investment is technically secured (investors have a recorded Deed on land with an APN number) but for all practical purposes this is a speculation play and should be treated by all parties as such. In any non-cash flowing property Trust Deed opportunity; investors are recommended to underwrite to the payment ability and reserves of the actual individual borrower, market scarcity (speed to exit) and reasonable value – which is still a guess.  Investors will need to know substantially more about the person behind the loan as there is not any reasonable expectation typically for any cash flow on the property to support the debt (Deed of Trust).  Multiple personal guarantees are a normal part of this type of...