If your looking to invest and learn about notes PPR may not be the right place as they are true mailbox $ and as passive as it gets (which is nice as well).

It can be personally designed post cards or it can be letters. 

Rodrigues' recommendation may change this), but my next question would be, are there any cities/markets where 1 of the following are true: 1) You have family/friends that live there, 2) You travel there frequently (either for vacation, work, etc.), or 3) Somewhere else you've lived before AND know the area well?

There are a very limited and reliable few of lenders that do true DSCR 2nds.

Joel, you are a TRUE professional.  

That is true with almost any material item.

Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

I'm sorry, but that's not true.

They are top notch and are one of the few lenders I consider to be a true STR lender.  

NOTE: we agree with charging for their time, but not the lack of disclosure.4) Some PMC's also get kickbacks from contractors, so the price you see on the contractor invoice sent to you, is really not the true price.