I feel like my math is not correct or I'm missing something otherwise, can someone explain why even thought the note has a yield of 9.5% is performing slightly better than a 6% stock market return?

Congrats on yours, I’m sure it performs well!

Forced appreciation: New paint job for the exterior of both units performed in 2024, Rents raised to market rents in 2024Pain points: Collection of the tenant portion on time has been an issue.

We use Quick Calc Pro which gives several options for best performance on a given property.

Who would you recommend for performing and non-performing firsts, please?

It will be hard to find another area and or investment property (commercial or residential) that out performs professionally themed rentals near Disney.

If the rentals aren't performing well, you'll have a steady income coming in.

If a Cost Segregation Study had not been performed on this $60,000,000 multi-family property located in Murray, UT, it would have had first year depreciation of approximately $1,963,636.

With a note (while you can force appreciation by converting from non-performing to performing) you won't see any other appreciation, taxed at regular income rates, and lowered equity over the course of the payment schedule and it looks to me that you are only investing for cash flow. 

I also have a monthly tracker for that breaks down our NOI for the previous 12 months per property so that I can get a feel for how each property is performing.