While it may pencil out on paper to do one option over the other using simple math I would urge you to think big picture as well.

At least once a week I receive a BP message from someone asking to paper a contract for an offer and the terms are outrageous.

Several of these "news" outlets/papers are very political and have an agenda.

Trying to broker any type of bank paper or portfolios will be very competitive and difficult as Chris mentioned.

Then, they blame everyone, but their own lack of research, for property/tenant performance not being what they came up with on paper:(

That's why I'm currently training new staff to ensure we can always deliver properties with the required quality standard and efficiency.By the way, do you think it would be interesting to offer some basic customizations, like themed paper products or towels, during specific holiday months? 

Much thanks to anyone who can weigh in with their expertise.Not per se if purchasing existing paper, but the subsequent noteholder may face issues if requirements weren't met at origination.

On paper, they are essentially the same with some minor differences in offerings. 

I got paper work signed and she vacated!

What I have learned very quickly owning these properties is that you can make these work on paper to convert them into rentals when you do your analysis today, but HOA increases are unexpected and completely out of your control.