So lets say you own a second position loan on a property in Georgia that is performing, but the first was non-performing.

Even if it was a low performer (which it isn't), isn't it part of the game to reimagine, see the potential and make it a success? 

It performed well last year and has a proven track record.

I hire a contractor to do accurate estimate of repairs and they quote $45,000.

Because of that, I don't believe it's necessarily accurate to paint a market picture based on inventory levels aloneIn most circumstances, these lots are still moving if priced correctly, and I can back that up as I've sold multiple of them over the past few months.

Quote from @Matthew McLaughlin: Is this a market you believe will perform well for the next 10-20 years?

(I am getting pretty tired myself sounding like a broken record).Direct mail marketing works SO poorly, you need to send THOUSANDS of mailers, AND you need to send these thousands of mailers SEVERAL times to get a deal.So:BECAUSE the performance is SO low you need to send thousands to COMPENSATE for its poor performance AND hit the receivers several times BECAUSE the performance is so low to get a deal.Conclusion: "Direct mail marketing works"WHAT THE HECK?!

Do you perform regular preventative maintenance to avoid emergencies or are you more reactive?

Right now the most accurate is Dataskip .io

Seems like it would be best for me to get out of the mindset that I need to get all of my capital back.Perhaps my use of the term "cash flow" was not accurate.