In the end, I likely lost a good chunk of time and money by choosing price over performance.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

But again, you shouldn't be locking up properties without knowing if you can perform on them.

We are looking into wineries (Longshadow and Thornton) and a couple of beautiful country clubs at the moment.

In any given month (year) a property may be unprofitable, but as long as the overall portfolio is performing I am satisfied.       

Since this is an unconventional lending instrument, you have to make sure all your ducks are in a row (contractors willing to perform the work, dates of work start/completion, all additional paperwork completed, etc), but it was well worth it.

. $100k performing I/O note for $90k), how do you classify the extra principal you get back when the loan matures?

You may need to have survey performed on the property that might be paid for by you or by the seller or it may be common practice in the area for particular pardon you to pay for it.

In the end, I likely lost a good chunk of time and money by choosing price over performance.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!