@Tina T. in addition to the property performance, post-close liquidity, experience, and down-payment mentioned above, they're also going to want you to have a net worth >= to the loan amount.

We learned quickly that the work on a small deal was the same compared to the big deasl but with much greater returns.If the market rents and future demographics pan out, why not buy and hold for cashflow, refi for a higher equity position and/or exit for appreciation in a few years?

Or how about picking random stock options that panned out where you make hundreds of times your investment.

Does pursuing the non-performing note ever pan out by securing a collateral interest in the property? 

Hi Steffen, I am pretty open as far as area as long as the numbers pan out and the project is interesting from architectural standpoint since I am an architect. 

I would love a simple list like this of other options in case this doesn't pan out, or if I want to continue the same process.

PM me if your lead pans out.

- If you're setting up a revocable trust (it does not have a tin and does not file it's own return) then that trust is not looked at by the IRS and the taxpayer is the trustee of the trust. 

I think either decision will eventually pan out if you have a good property in a good neighborhood. 

If you enjoy spending your time at the river with a pan in your hand, you can occasionally find a nugget of gold, but the guy that builds the flour mill is much more likely to feed his family well.