First, thank you all for your generous contributions to the forum. The BP community is so welcoming to new investors.

I have a few questions that I'm hoping can help myself and others just getting started:

1. I've heard learn by doing is the best way to get going in the note space. The lower priced NPNs look like low hanging fruit but is that where a newbie should start? I realize foreclosure/servicing costs/etc. come into play but was curious if anyone has thoughts or would share a note evaluation sheet they use?

2. JV structure? For those of you who have done a JV. What does that look like? I'm sure it can be as varied as the notes we are dealing in but wasn't sure if there was a norm? Do we split the purchase price? Who pays for what? Personally, I see this as a great opportunity to gain some experience by doing while having some guidance from a seasoned note investor.

3. SDIRA funds have their limits. What would a minimum amount be needed to get started with reasonable confidence that expenses beyond purchase price won't exhaust the account. For example, if one has $50K in an SDIRA that can be entirely invested in notes. What should a max purchase look like? $30K note + expenses + reserve? Surely this differs NPN vs PN. But by how much?

Thank you again and I look forward to your thoughts and feedback.