How involved is investing in performing notes?

[Jeff L.]

I started a thread a few days ago called Real Estate Investing strategies without tenants/landlording? and people suggested that I look into performing notes.

I've done some preliminary reading and am getting mixed messages. Some people say A LOT of education is required, many steps, many moving parts, lots of phone calls and legal documents and entities. Others say it's nice passive income.

Is is a very time consuming form of investing? I don't mind doing research, but am wondering if I'd be getting myself into something crazy.

Also, where should I start? Are there any books or sites I can read to get the basics and step by step process down? I haven't found any good guides to doing this type of investing.