Should I lend money on this mobile home and carry the note?

[Russell Fugitt]

I have the opportunity (and cash) to lend 33K on a mobile home that is worth 37K.  I would have a promissory note recorded to guarantee the payments from the homeowner who will live in the home.

The deal would be for 96 months at 6% interest.  

My concerns are the risk of default and how hard it is to take back the mobile home.  The home is in a park that charges 400/month lot rent.  I don't want to be paying lot rent while trying to get the home back from someone who stopped paying.  

I am also wondering if the Dodd-Frank act applies here.  This is Arizona if that makes a difference

I am trying to search the site, but haven't found a real clear answer yet.  If there is a real clear answer in another thread, please kindly point me in right direction.

Thanks,

Russell