lets talk about performing notes

[Or Yeger]

I`m a total newbie so I have some question after reading and listening to a lot of materiel here and on the web.

1) what do you look for in the due diligence process of buying a performing note?
2) what discount should i expect to get 80%-90% UPB?
3) from your experience what are the terms of investing with a JV when someone gives 100% of the funds and the other party puts in the work/sweat (sourcing notes, setting up the payments, negotiations etc).
4) what would you say the advantages of performing notes upon regular real estate investing (buying a house and renting).
5) what kind of return should I roughly expect?
6) in theory how would you go about building wealth with performing notes? arbitraging bank loans to buy notes for example ?.

I hope it's no to much questions, hoping for some good answers.