I agree with everything, but adding to the list is the fact that if its a rental property (assuming the collected rent is based on a owner-financed home sale) --- it can also still be a liability. If you owner-financed the home, your still facing a liability. How? Well, think of it like this, the homeowner occupying the home assumes all utilities, and any other money that needs to be put out on the home. This includes property taxes... what I've learned is that when it comes to property taxes, if a homeowner doesn't pay the property taxes, a tax lien will be created. Surely, you know the process of a third party paying the tax lien and that third party person gets their money back OR ELSE THEY OWN THE PROPERTY.
Point in short is this: If you are the seller of the owner-financed home, the buyer (or payor as we call it in the cash flow industry) doesn't pay the property taxes, a tax lien is put against the home unless you (the seller) pay the taxes... you can add this on to what the payor owes you... but if you don't pay it and the tax lien goes through all the way to the end of the reclaimation period set by the state for the third party (the person who paid the taxes) to collect their taxes... then they get the home and YOU the seller are out of owning the home, in this case, losing what is a so-called asset.