Similar to what Patrick stated - most have ITINs and have seen a lot of loans like that and those are sold many times on secondary market. if not I know people who still originate I would say they are tougher to sell on secondary market but there are still buyersRe: jay comment - price of notes has doubled over past five years on many loans - especially defaulted or loans with some hair too them. 

We also buy at a discount (pricing depending on those qualities). 

When you go to sell, you're subject to tax on the amount of profit between your adjusted basis and sale price, not your purchase vs sale price.Recapture is not repaying the depreciation.

For a new agent to land a listing they typically over promise a seller a high price to win it and then spend money trying to find the magical buyer to purchase it.

And what is your price range and are you looking for turn-key properties or something along the lines of a "fixer upper"?

And that BNB that just got 40% of their investment back is now competing with you, the small investor with a single condo that you paid full price for with no tax benefit. 

However, given the price points in NYC, I am looking to southern CT so that I can start small for my first project.

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3,500Mural: $1600Interior Furnishings: $6,500Exterior Furnishings: $1,500Monthly gross booking revenue: $8,000-$12,000

 @Kobe Carr I haven't seen prices take a significant drop.

@Fabio Cattolico"if I could get an out of state property for a great price and the numbers seem promising, wouldn't it be good to start off like that if I'm in a place where buying is unaffordable?"