Investing in Bank Notes - General Questions

[Cary F.]

Good morning everyone. I find myself exceedingly interested in distressed bank notes. I currently use the tools of quantitative risk management to help manage large consumer loan portfolios at a financial institution. A major part of this work is optimizing collections, recovery and settlement strategies for accounts that are delinquent. These competencies would clearly assist me with note investing. 

My questions are as follows:

1. What educational resources would you recommend for note investing?
2. What are the reasons to get into note investing?
3. What are the reasons to avoid purchasing bad debt?

I know this is a niche in the REI space, but I feel that there are gains to be had. If you do answer this question, I would prefer that you either have knowledge or experience with note investing.

Thanks,

Cary