But I am not trying to sell the note, I will continue to hold it, and in the worst-case scenario, the borrower will become current, or in the best-case scenario I will foreclose and gain equity.

If you buy it too low, in some jurisdictions they will call it "equity skimming" which is illegal.It can be very profitable, I've done many, but you really need to know what you are doing. on pre foreclosures on the West coast if you happen to do them legally .. the old owner is due 80% of the profit if you sell within 36 months.. so there is that.. but if your buying pre foreclosure for long term hold and wait out the 36 months then your fine. the reality these days is post GFC lenders/ banks/ servicers have realize that working with the buyer to reinstate recast redo the loans is far better than taking it all the way to foreclosure so your correct its usually the worse houses that make it all the way to the end and go to sale.thats why if you follow NODs  Notice of defaults or whatever they are call in your state. you see so many postponements and or removed or paid off etc.. so you hone in on one property do all this work only to have it not go  to sale  rarely are you going to buy a home that you really want LOL

In both cases, you are left holding the proverbial bag.

Your holding people accountable is paying off.  

"I actually think renting a place will get me started"If you are talking about being a tenant yourself and operating a airbnb in your rental apartment don't hold your breath.

We have been fortunate to rarely hold any security funds from former tenants.

I'm a buy and hold investor.

Hold your nerve and don't slash prices unless you're seeing some extended time without bookings.

Hold the property in the LLC's name for liability shielding, and use it for rent collection, expense management, and centralized operations.

You would do better to hold the stats until someone asks about the area and then drop the knowledge for them in direct response.