I’ll try to keep this simple. I’m looking at a large land-home business in GA, all table top contract for deeds, no notes are registered with the county. This is old school prior to Dodd Frank and needing to verify ability to repay, 43% DTI, appraisal, amortizing 1st lien etc.How would you fix this business post purchase? Purchase price is another question. All the notes outstanding balance is about what the home+land is currently worth. As typical in these old school businesses the original notes where for far more than what the home+land is worth. So technically there’s no equity in the business, just cash flow from toxic notes. How would zero equity notes be priced?Would you mail on letter head to the owners you want to re-write (in their favor and at your expense) new notes, following Dodd Frank ability to repay and 43% DTI etc into new 1st liens at the current balance. Those borrowers who can’t meet 43% DTI and ATR keep their CFDs but have to sign a “hold harmless” affidavit??