Can we pivot to a different real estate asset class or does literally everything drop in value? 

I can assure you not all 1 million  are doing deals or have ever bought a rental.. they pop on get excited realize that this is just another JOB although a 1099 instead of w 2.. and some like it and flourish others well not so much.. much harder than it looks.I just spent the week and will go back today in what many on BP would classify as a guru event.. ( invited guest speaker) and this is a very niche product.. and so that extent the audience from what I could see is pretty advanced.. most successful business owners looking to pivot and we were talking about deals starting at 2 million basically and up to 10 to 20 million.. but there were also a few that are starting at the bottom and paid to be there and i think while not cheap and most on BP would gasp.. but if they pull it off they will have far more success than most trying to buy a 200 a month cash flow rental.. their starter projects are going to make them 30 to 60k a year net first one out of the gate.. but question can they get there ??? 

Also, since there are state and federal rules about the terms you can use when originating a loan, I wonder if note holders also take on some new roles or obligations.

I am saying that if you are getting the property for below market value it stands to reason that there will be some differed maintenance that will need to be taken care of immediately, not with your reserve which is only $1,200/month which won't fix much until you have built it up.You never did answer, what is the current occupancy and current rent roles are?

It depends on what work is being done, who is doing it and who is the client.What exactly is your role in the process. 

 So do prop managers and a leasing agent different positions and roles?

When you buy with tenants in place you do have to honor the existing lease...now if they willingly sign a new lease fine, but they are entitled to stay on the original lease through the term of that lease.Overall though, look at the situation as a good way of just sorting the partners into their respective roles.

Transitioning into a more investing role or continuing to be a real estate agent? 

As housing investors, what roles do you play in solving this issue?

As housing investors, what role do you play in creating affordable housing?