I looked at the realtors' notes and found that people generally liked it, but weren't too impressed with the new rehab. 

I was under the impression it was the Nursing Home restricting that percentage, but I'm not certain.

You could always just give a rebate to the buyer yourself to keep your foot in the door if that's something that you're worried about.If the borrower felt comfortable based off first impression, than you should be fine.You take a chance of losing the deal but you also have an opportunity to have a new referral partner through the realtor. 

I also like that he can GM rehab work, and has provided me with line-item scope docs several times.To be upfront, I am not overly impressed with his marketing.

I wasn't impressed with the listing agent's lack of response, but it is water under the bridge. 

My understanding/impression is that most of the 15 tenants are in the 700-1500 sq ft. range with the largest space being 2200 sq. ft.The Office Submarket looks as such: Flat capital growth and lease rate growth since the recession13.7% average vacancy rate in submarket 3 star (10.9% across all level properties)Availability rate 13.9%12 month net absorption SF 227kAverage 12 month sales Cap 7.7% (across all star properties)0 new properties under construction or to be delivered in the next 12 months Average lease rates are $22-24 sq. ft (this property is about 21.5-22)Value add (seems to be a stretch but might be):Upgrading interior hallways and exterior for a broader appeal and capital appreciationOffer basic build outs to interested parties (not something the current owners do) Working against the office submarket in North NJ is a declining population.and high property taxes but the 2 star being at the bottom may be better equipped to handle stagnancy.This building is on main road with a15-17k car count a year/ does provide signage is near retail and less than a 1/5 mile off a highway exit and is close to a city center.  

That's impressive, thanks for the encouragement and let's stay in contact!

Nothing impressive to buy at the moment.I am aware that NPN are mostly traded in bulk tapes between banks and accredited investors. any referral sources who JV with banks/accredited investors on large NPN purchase deals and willing to distribute couple of notes to individual investor like me?

I find that the potential sellers are either too paranoid to find (they hide from everyone fearing their creditors) or emotionally divorced from the property....they have already made up their mind to default and there is no way to impress upon them that that's a horribly bad decision.Some of what I experience is unique to Texas and Texas rules however.

I have been impressed with the opportunities on the Mississippi Gulf Coast.