@Jaron Walling Perhaps the distinction to be made is between hard money/private money and to which @Angelica M Garzon is speaking. 

  ;)I'm guessing that you've got some flavor of whole-life insurance that will, some day, provide income to you.  

What would be the best way of:a)  Purchasing a property for $100Kb)  Purchasing a note for $100Kc)  Buying a property to flip for $75K and put $25K into repairsCan I use personal and 401K funds in the same investment as long as there is a clear distinction between the two?  

I did 2 years of reading 1 book every month, listening to just about every flavor of BP podcast, watching youtube videos, and networking before jumping in and it does change your life.

I only took two economics classes in college but I distinctly remember learning that supply was a driver of price. 

I know the preferred flavor is single family homes.But, I have a chance at a condo in a well established high rise that provides a leasing company.

You not only have to have a great grasp on the market you invest in, but you have to work harder to find the best deals, because investors who live the market have a distinct advantage.I haven't had trouble finding cashflowing properties in my market, but several of my properties have come from word-of-mouth or other mediums for obtaining properties outside of using the MLS. 

That just how businesses are run: as distinct, separate entities.As a business person, you need to get rid of the consumer "cut corners to avoid spending" mindset and embrace the entrepreneur's "cost of doing business" mindset.

There are four distinct neighborhoods, Old London, New London, Old Yorkshire, New Yorkshire.

I will take a stab at why the caution, and please let me know if you agree or disagree ... it seems to me that even among the NPNs there are different "flavors", but the main ones that come to mind that I think are pertinent to the discussion are:1) Non-performing 1st with sufficient equity (from the LTV and/or discount you got) such that you can foreclose to recoup your investments plus make a decent return.