So far, the candidates he has presented have been pre-vetted (to a point) which eases my workload sufficiently to justify his piece of the returns.I am also looking at the tax implications to me of investing in notes in the U.S.A. and how best to go about that endeavour.

I am curious if you have been able to make any observations or quantity what discount may exist if any. 

If there is sufficient equity (and I would make sure there was before I make an offer) how quickly can I do a home equity to pay back my 401K and CC?  

Although less quantity, we have lower cost per click/conversion on Bing.

If it is a good candidate for a buy and hold, then it's just a matter of the numbers working enough to cash flow sufficiently for an investor to be interested in it, and for me to make a little on top.

The capital is not prorated in this case.Also, the investor can also qualify for a 1031 Exchange in this case (Revenue Procedure 2005-14) as long as they can say they have owned and lived in the property as their primary residence for a total of 24 months out of the last 60 months AND the property has been rented out for a sufficient period of time to demonstrate they had the intent to hold for investment (generally 12 to 24 months).

If it's something dumb they've done (like a fork down the disposal) I tell them they need to be more careful. 9/10 they are sufficiently embarrassed.

Most folks who list properties on the MLS aren't in that category.A "pre approval letter" from a legitimate lender, along with an earnest money check will be sufficient to make financed, not cash, offers.

I would first come up with an estimate for the amount of work needed with a contractor after reading the BP and J Scotts book on rehabbing so you have the background needed to understand what it is really going to take to rehab and all of the associated holding costs (taxes, interest, utilities, etc)Then I would make an offer with your realtor ensuring there is sufficient profit there.

The borrower does not usually have much choice in the matter, the Lender only gives the money to the borrower (on behalf of the borrower, really) provided they get an appropriate deed of trust or mortgage on real property sufficient to cover the money they are lending.