I like being able to stand out by being a few notches above the median performing listing. 

I would say we buy poorly performing properties, but not non-performing properties. 

You can do DSCR loans /Bank statements/ Hard money loans, where they only focus on how well the subject property performs in terms of the rental aspects or the ARV aka after repair value.

All-in-all - good performance in 1-2 bed properties - great performance in 3 bed properties - excellent performance in 4 bed properties and fabulous performance on 5+ bed properties that only make up 2% of the total inventory in a destination that is central for reunions. 

Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away.

The only way t estimate execution of repairing/refurbishing or remodeling of a structure is to physically perform an estimate.

Can someone help explain non performing notes to me?

Someone with basic education can perform one, especially as digital records become more available. 

There are buyers at that price point, such as pro sports, doctors, tech, etc.

Your rentals should only perform better over time as rental income increases faster than property taxes, insurance and other expenses.How much will that contribute to your retirement income?