@Ryan Greenberg welcome to BP.

Michael Greenberg this is off topic but regulations say 10 conventional properties.

@Gail Greenberg I'm wondering, how can I invest relatively small amounts that I get as return from a turnkey into notes?

Well said @Jeff Greenberg (much better than I) our experience is with a 506b offering and that is what I was referring to.  

@Jeff Greenberg thank you for checking my math.

Jeff Greenberg thank you for the advise.

Thank you @Todd Dexheimer and @Michael Le@Jeff Greenberg it's a very light value add. most of the heavy lifting had already been done. for this deal it's more about getting a solid, low risk income stream for the investor. in short we'll make cosmetic upgrades to units when they turn in order to keep growing rents 2% to 3% average per year.  

@Gail Greenberg, it's being done in a spreadsheet, You could do it by hand... 

For area, like @Jeff Greenberg said, look at crime reports, city data, google maps.

@Jeff Greenberg In your example about the 60k, what kind of debt was it?