That being said, it's very difficult to get rents to even cover PITI payments at 80% loan-to-value in Utah these days. 

However, if I tried to sell this note, I might have a difficult time doing so because there is no open market for selling notes and adding the fact that the note is in default, I might have to discount the note if I wanted to get cash for it.

PadSplit's have been difficult to finance because they are considered modified collateral.

reality is you need capital to start once you get a track record things can change.but its going to be very difficult to find folks that front 100% to you starting out.

@Cathy Fitzwilliam Initial cashflow is not easy in San Diego, the higher rates make it that much more difficult but it is certainly possible with value add deals.  

There's no balance there.

The taxes can make things difficult, but there are some things you can do to minimize their impact.  

It's difficult to find cash flow in these areas.

Sadly these tend to be some of the most difficult properties to sell. 

Getting needed coaching from professionals who had made deals was difficult and the two deals I invested in were very poorly managed from the beginning.