It sounds like you are jumping in the deep end on your first purchase.

*breathes deep*  Okay here goes, I need help. 

It is very easy for those who sell convenience to develop a deep sense of contempt for those who buy convenience.

Any property that has reached that financial situation is a liability and has reached it's sale point.I would be looking to sell and reinvest in income producing properties.The exception would be faith investors that rely entirely on appreciation and have the deep pockets to carry a negative income investment property.

My Dad partnered up with a few neighbors and bought a telephone pole, cut it into sections for each neighbor and buried it 5 or 6 feet deep with the standard height sticking out of the ground.

And that my friend, is what you need to be successful, a Mentor that you can watch, listen and learn from ..... and who isn't afraid to throw you in the deep end before you learn to swim

If you follow your vacancy projections you should be good, just make sure you are setting aside the money to handle a vacancy, it can be tempting to use the reserves for other investments, but you really need to have a deep capital reserve.  

I thought I would start of investing in mortgage notes before fully diving deep into real estate property investment.

Short Answer = Yes it is Possible and I know several people who have done itThe Long Answer = The only way I have seen people with no money get started in Real Estate Investing and be successful long term is to get very good at finding motivated sellers.If you have no money, no credit and no experience but you have the Super Power of finding and attracting Motivated Sellers I promise you that you will also attract deep pocket investors who will partner with you, give you finders fee's etc.You see the hardest part for most people is finding the time to seek out motivated sellers as you could talk to 500 people before you find even one possibility and for most people they give up after the first 50 No answers.I wanted to share this with the new investors as I have seen too many of you get excited and burn out with no progress after 6 months. 

Friends arrived to see the progress of our rehab & their little ankle snapper dog ran straight for the newspaper (probably to use it) & fell into the 12inch deep cold air return.