Obviously, the desired ROI is different for everyone, but I would venture to guess most the full timers on this site consistently see double digits.

Get as much as you can upfront because the likely hood of it going through, is down in the single digits percentage % wise.

So, today I bought a digital camera and called some realtors.

In such a hypothetical scenario, I would be a lender and invest in projects that yielded double digit returns, do so locally so I would have the opportunity to drop by the project and perhaps pick up some valuable education via hands on with the borrower.The other option would be to learn about notes and invest in some paper at discounts yielding double digit returns..

A cap rate double digits to me adds a lot of risk.

I also believe unless your portfolio is over double digit units you will not be able to afford a property manager. 

Problem is the second note is in the double digits for interest rate versus a seller held second you can likely get closer to 5 or 6%.Certain assets like commercial retail the market is strong to where  a seller doesn't have to hold any kind of second.You need to dig down further with your buyer to understand if what they are trying to accomplish is a pipe dream or reasonable.

Have you ever heard of a currency bubble?  

On the side I'm also running my own agency for digital marketing and PR (Tellya Communications).

Here are some of the specifics of the property and what I am seeking:- Seeking a $50K loan, secured by the tax sale property- Offering 1st lien position on property- AVR $150K+- Purchase $15K or less, with $35K in repairs- Willing to use a free/clear property as additional collaterial ($75K+ value currently) if needed- Looking for high single digit interest rate, on 30-year amortization schedule with 2-year ARM and no pre-payment penalties- Tax sale, so must use private money for 1st year.