@Jeff Stein@Will Kenner@Jade S.Thank you all for the helpful and insightful comments.

@Jade S. do you look at Dallas?

Hello BP, my name is Jade Johnson "JW" I am new investor in Miami,FL and surrounding areas.

I am in Iowa in the Des Moines area, and though I'll admit I'm jaded because I live here and am not overly familiar with other states, I would say Iowa is an excellent place for new investors due to the affordability of real estate and low cost of living.

Quote from @Jade S.: Quote from @Don Konipol: Most Profitable Note Deal - bought note secured by restaurant/bar facility with unpaid balance of $575,000 for $312,500, collected 20 months interest at 9.5%, and then received fulll payoff of $575,000Most Profitable Real Property Deal - purchased auto repair facility with environmental issue from bankruptcy court for $115,000; resolved environmental issue for less than $2,500 and sold property eight months later for $297,000Worst Note Deal - originated loan of $650,000 secured by RV/STR property in oil shale country with appraisal of $2,000,000.  

So you do a good thing and get bit this is what gets landlords jaded  it might work if the tenants had the ability to honor payment plans but most don't.. most simply do not have the money.. 

Someone that spends zero time thinking about finances and the only exposure to real estate is The handful of people in our family and friend group that unintentionally happened into owning a condo or two, and are completely jaded by experience interacting with tenants and maintenance.

Quote from @Jade S.

@Jade W.As others mentioned it is unknown whether the value of the home can get you through or not.

Also, depending on the area, 5% vacancy seems quite low, but I may be jaded by my market where 'vacancy' doesn't mean empty, but rather tenants just deciding they're done paying for a while.