It's good to hear that you want to play the long-term hold game as that is how you'll ultimately build equity.  

As a company we are considering a third party that offers virtual/face time walk thru's where human engagement occurs from the first phone call, until 11pm, weekends, holidays included- where the prospective tenant is loosely (virtually) tethered all the way through showings, feedback, follow ups and ultimately application process.

Do some demos and make sure you feel very comfortable with the one you ultimately select.If you're unsatisfied, it's a huge hassle to have to transition later when you have multiple properties under management.

Stessa had some features I didn't;t need and ultimately I also wanted tax features. 

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This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

The investor ultimately tripled the value of the property.  

The costs involved in renovating a distressed property to the same standard as constructing a new home on an empty lot may ultimately amount to a similar total investment.

I know this is an old thread but I wanted to see if you were able to get more knowledge on this basement conversion and what you ultimately decided?

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