I purchase properties in Michigan and supply investors with those properties once they are performing to our standard.

Any external influences such as short sales, death, divorce, etc that affect a sale price means that property should not be used as a comp.

If I purchase a 2nd Lien Performing note and the borrower refinances the 1st Lien does that require them to include the 2nd Lien in that refinance and cash out the 2nd Lien?

This has been their arrangement for almost twenty years (the tenant has lived in three of the landlord's properties, all located in California) and from inception there was never a written agreement for this arrangement.Now the landlord wants to have them sign a lease and write them checks for the work that is being performed, which apparently is to be cashed and returned right back to the landlord as the rent payment.

. :) and would appreciate some advice regarding historical performance of the rental in terms of good metrics (cap rate, cash on cash, IRR et cetera, before and after tax).

If one of the SFRs does exhibit subpar performance it is lifted up by another SFR that is performing beyond expectations.  

The book "How to win friends and influence people" had a huge impact on me and frankly I think it gives me an advantage over others who don't practice some of the methods Dale Carnegie presents.

You have to look at the property and determine what works needs performed and estimate the cost of doing said work.

But some of my colleagues have houses out there that top their portfolio in terms of performance.  

Are there any fund options that are performing better that you could choose?