Institutionally created notes have a different set if issues to contend with so I can't speak to them.

See this 6/18/13 article from the Detroit News, "Downtown Detroit rents go through roof":"Detroit — Residential rent prices in the gentrifying neighborhoods of Detroit are steadily marching upward, climbing in some cases by $3,000 more per year for the same place, and landlords are pushing them higher at every opportunity.That’s because the rent is still too low for buildings to pay for themselves without relying on government subsidies and foundation dole, developers and city economic officials contend.

So, while no individual or small business privately held is required to use GAAP, all that you must contend with in business, taxes, borrowing or banking, sales, closings and legal matters are anchored in GAAP, not economic values or replacement values or in the case of my million dollar cabin, my opinion of value of property I own.So, my first rule in valuation is to never accept a value presented by an owner, never, unless presented with a current qualified appraisal.

Unless there are details that are missing, I would contend that you are NOT, in fact, limited to flipping.

When dealing with CMBS you also have to contend with SEC regs.

They will also be getting the property back without matters of collateral equities that banks or a cash lender contends with, so actually, there is little collateral risk, it's pretty much limited to the maintenance and upkeep of the collateral and that can be addressed in the note and security agreement.

As I have studied the water and waste water issues, I can see I am not going to have any new parks to contend with anytime soon and this is the only one in the area.

Also, is there a condo or home owners association that you need to contend with?

We now manage our own so I don't contend with outside PMs much anymore.My home repair company is available for repairs in metro atlanta and we've been doing it for years......all the best!  

I hear you, chicago land taxes are something to contend with!