My poor experience with turnkeys led to the creation of the model we now use.

Condo creation/conversions are all the rage.

All the job creation and growth is happening in Texas, North Carolina and Arizona.

The major thing commercial agents have done a good job of protecting themselves by not advocating for the creation an equivalent to the MLS.

Often times the BIGGEST mistake investors make is using a broker or agent who does rental management on the side in between brokering sales.A quality property manager does it full time and has systems and processes in place to communicate effectively and handle issues in a professional manner.I would go to www.irem.org to see who is listed in that area.It will be hard if you are just buying one-off houses to get a quality manager.There just isn't any money in it for them.In those cases they will manage well when they need that little coin but when they get a regular sale your property will drop down on the importance list.You have to think of it this way.On a little house with 500 rent you are getting cash flow,depreciation,appreciation (hopefully),and principal pay down.The manager is getting a lousy 50 bucks a month at 10% of gross rents and that doesn't include their gas costs and other fees etc.If you buy an apartment building the manager doesn't have to drive all over creation to manage tenants with houses.They can make the same money in one place with a complex.Hopefully you will find someone.

You need to deal with areas that are common or shared and the creation of bi-laws.

I think it will continue to go up too based on job creation and popularity...I think I may need to look at San Antonio, Houston, Dallas, etc for new deals?

I would say that the biggest factor in real estate and also the stock market is job creation.

Will, any recommendations of brokers that would be open to facilitating the note creation?

If I'm not mistaken she uses the creation of LLC's to transfer REO's to rehabbers much the same way you're looking to do.