@Josh Walker Hope, I am not late but right now I have a quote sitting less than 100 bucks per month.

well thats a long slog trying to do it with rentals.and the limited amount of captial you have currently which from your post is borrowed money .To me you need to find land develop it and build it out.. thats where you will make big to bigger bucks the quickest then peel some profits off if you want to get into the rental game.

Loans maturing and in some locations lots of inventory coming online. 

A single member LLC can be cheap to set up - a few hundred bucks between state registrations and a legal zoom operating agreement. 

. :-) SO couple hundred bucks.

what I really watch out for is JUNK fee's you may have 1 point origination but by the time you add up the junk fee's your really paying about 4 points or more.. this is the only way they can stay in business.. there is no way a lender can do a loan as you describe and the sum total of their income is 1200 bucks..  

The disciple, tenacity, and maturity it takes to succeed in this industry truthfully isn't talked about enough.

There are certainly people out there who will do anything to make a deal and make a buck but it's not in my best interest for the client to a) not trust me moving forward and b) have millions of equity wiped out which could hinder future purchases.

. $100k performing I/O note for $90k), how do you classify the extra principal you get back when the loan matures?

I don't know any of them and don't want to just start buying them without recommendations from people that aren't trying to make a buck off of me.