I would study AvantStay and some of their properties in your area or NC generally.

Study the market.

But I recommend you study it much more extensively before diving in. 

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

Would love to connect with people who can give me advice on what to look for or where to study for starting out.

Once you do get buy something, be sure to look at a cost segregation study for the property.  

Been studying your market for a while and hoping to Brrrr some properties in 2021.

If you did a cost segregation study on the property in the past, you may have to recapture the depreciation taken in the past.capital gain tax rates are 0, 15 or 20%There is also a potential 3.8% Net Investment Income Tax.Also, don't forget state income taxes depending on what state the property is located or your state of residency.Best of luck!

Via a study I done comparing the Preforeclosure leads that PS provided with county records for over 167 counties across TX, CA and FL.