I want to minimize my leverage as much as I can for my first one, just to give me the best chance of success.Got it, @Geoff Engel!

Groovy @Stephanie Medina good luck and keep us posted on your progress.These sorts of things are problems that no one really things about when buying a property and it is something that should be in their mind.

I have opportunity to buy a small portfolio of performing commercial notes with LTV's less than 50%.  

As long as the lender can finance in the state that you want to buy in, then work with them.

The investor either gets a loan or buys the property in cash.

Many people don't realize that you gain as much or more net worth through debt pay-down, and while it's less liquid than cash flow, over a 5-10 yr hold period it's considerable if you buy in the right areas with the right asset class.

So, the chances of someone trying to find the TRUE below market deal in their “spare time” is not great.  40 years ago you could.

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

Like someone else said better to buy land that is already suited for use. 

It will make the loans more valuable if you ever decide to sell them and decreases the chances of default.