Based on the interest rate and 139 months of payments left, he determined that he would sell the note for a discount at $450,000.  

To determine if this property is a reasonable first investment, consider financial position, market knowledge, and market research.

It is all really overwhelming, but I am determined to make this happen.

Quote from @Damein White: So my property is at the edge of a city limits  3 house to the right starts a new city and my appraiser said i can only use comps in my city limits i can’t go out of my city limits has anyone else experience this or have information on if that is correct  Yes or they could potentially establish a value that would determine the difference in the cities but that's really difficult to compute.

I oppose their mentality. 

Thanks, it’s been determined I’m crazy. 

"Your success as an investor will be determined by how you respond to punctuated moments of terror, not the years spent on cruise control." - The Psychology of Money by Morgan Housel In real estate, it's not the smooth sailing that defines us, but how we navigate the storms.

Recommend: target Class B properties, maybe Classs C+ in gentrifying neighborhoods.Run your calculations BACKWARDS to determine the purchase price for the ROI YOU WANT.Make that offer.Repeat as many times as necessary until an offer accepted.Before the 2008 Crash, we used to plan on writing 100 offers, to get maybe 10 accepted, to actually close on 1 property.It takes work to be successful!

And if you live in SoCal, you probably need a PM who will take 25% of all income.Post all the expenses, and then we can determine whether it's a wise investment.

In real estate investing, the value you provide should far outweigh the payment you receive.As "The Go-Giver" by Bob Burg and John David Mann teaches:"Your true worth is determined by how much more you give in value, than you take in payment."