Second, the manager recently hired a family member to perform plumbing work on my rental after a call from the tenant - it wasn't an emergency since our usual handyman the brokerage uses cleared the backup.

What precautions should I take or what tasks are needed to be completed when buying directly from another investor without a real estate agent?

In the last month, Chicago was the worst performing housing market even edging out Detroit.

. - Recognize there is always some measure of risk and be ok with that (by making sure you are not risking EVERYTHING and then have a just-in-case plan)- Know my own strengths and weaknesses- Overcome weaknesses by putting myself in uncomfortable situations that force me to perform or sink.

When the stress test was performed gray water came out of the Cleanout.    

Hey @Adam Bartomeo,Not unlike many who have posted in this forum, I agree that the low barrier to entry is the underlying cause for poor performance.

If he is purely a lender, he will be paid via interest income and his tax breaks will come from his lending business, not the performance of the property.

This greatly reduces risk on the principal invested because, at worst, the lender owns the property and will look to maximize value by selling the property or selling the non-performing loan.

Do note investors want to buy notes like these or just non performing notes at a discount?

That is my first task when I get the keys is getting the tenants to sign my lease.