But it just depends on your risk threshold and how much you're looking to spend.  

Depends on your market and competition.  

My first mortgage was almost 11% and that was a good rate.

Currently we would be at 8.5% interest rate.  

By investing in metropolitan areas your yield would be lower (6% to 7%) but you would have a lower vacancy rate.

My firm has several lenders who can seamlessly close in 15 days on 'traditional' mortgages at/below market rates and we've been doing so for a couple of years now. 

Although 3.1% is a great interest rate I tend to not get too caught up in keeping a property just because the rate is good.

It's how I've maintained a perfect bond rating and managed my business with the CSLB>I've read many of your posts and am aware that you feel that you can decide when you want a permit or not  I would word it differently.  

The company offers promissory notes worth $50k, $100k, and $200k+, with annual interest rates ranging between 12% and 16.7% depending on the investment amount.

My answer would certainly be highly dependent on his own emotional make up, his desire to relax and travel, his willingness to delegate and outsource, etc.