Will you still live in Florida once you deceide to do this risky deal? Holding a second mortgage for someone is a risk. You must do a thorough credit and background check first. Then I will insist upon a large down payment. Include a clause for default that is 100% in your favor. Make sure that if the person defaults, you have recourse to have them vacate(eviction) the premises at once. This document must be crystal clear to the borrower as to the consequences of default.