It is far better to pay for something that will actually produce a immediate income as opposed to being a money pit.

@Joe Norman(due in my PO Box no later then the 5th of each month)Is there a reason you are allowing your tenants to pay when they choose as opposed to requiring them to pay at/before the rent is due.

It also has been quite an exercise in sweat equity, and learning to see everything from the guest point of view as opposed to our personal biases.Hang in there!

But she mentioned purchase as opposed to assignment.

@Kristi KandelI would seriously recommend dealing with small local banks to handle the commercial loan as opposed to a large bank. 

If you're getting bids from custom home builders, their pricing tends to be higher as it is geared towards homeowners as opposed to investors.

The 7-unit I bought as a value-add property and added about $100k in equity over the last year, so I'm not opposed to doing similar projects in the future if profitable.I know how to analyze a deal and calculate NOI when scouting properties (though admittedly these properties were acquired many years ago, before I knew much about RE investing).  

The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.servicingThe collection of mortgage payments from borrowers and related responsibilities of a loan servicer.settlement statementSee HUD1 Settlement StatementsubdivisionA housing development that is created by dividing a tract of land into individual lots for sale or lease.subordinate financingAny mortgage or other lien that has a priority that is lower than that of the first mortgage.surveyA drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.sweat equityContribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.tenancy in commonAs opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.third-party originationA process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.titleA legal document evidencing a person's right to or ownership of a property.title companyA company that specializes in examining and insuring titles to real estate.title insuranceInsurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.title searchA check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.transfer of ownershipAny means by which the ownership of a property changes hands.

Why wait 10 years for 1k per month as opposed to flipping a home and possibly making 20x? 

199A is not straightforward when applied to Schedule E (rentals) as opposed to a regular Schedule C business.