Help - Note Investing 101

[Andria Kobylinski]

Can anyone help with some Note Investion 101? I’ve been reading and listening though I feel like there are not a WHOLE lot of resources out there. 

Step 1: I have identified a performing note that looks interesting over on LoanMLS.

Selling Price: $41,660

Loan Interest Rate: 9%

LTV: 46.8%

Payment: $1,000

Loan Balance: $78,600

Property Value: $89,000

What is Step 2? I'm guessing I need to pull some comps and get an idea of property condition, ARV? What else?

I know ...there’s a lot more. So a good next step or resources would be much appreciated!