@Mindy Jensen - Wasn't there something about how "Adding more people to title" could boost the primary residence cap gains exclusion from $500K to higher number?

The fund capped out at $5 million holding about 25 notes at any one time.  

You can test this, by asking some to SHOW you how they calculate ROI, Cap Rates, Cash-on-Cash, etc., for their clients.Many will say, "that's the investor's problem".They are correct because an investor should NOT rely anyone else to run their numbers.So, then what exactly makes them investor-friendly?

However I like to run my numbers conservatively and account for cap ex, vacancy, maintenance reserves 10/5-7/5-7% respectively.

Clear Creek County and Gilpin County have caps and are past those caps, as is Summit County.

This is where the voucher cap and specific property limits get looked at. 

For me >12 mo for long term cap gains. 

When you compare 'what you get' for the price in Oregon to other locations on the Pacific Coast including; California, Washington and Hawaii, investors generally get more 'bang for the buck' the greater the valuation. 

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.

Sounds like you are going with a Fannie/Freddie type loan based on the cap of 2%.