If I do find a property, I prefer one that requires minimal to no work. 

The process costs between $3000 and $5000 for an attorney to handle the "condo-ing" which requires a master deed and by laws to be drafted and all the filings for the association.

Unfortunately,  Georgia law requires an attorney at closing.

We advise using Mortgage Brokers since they have much more flexibility than banks and can draw from hundreds of lenders with varying requirements.

Also assuming the gym doesn't require a 12 month initiation, can always test it out and see the traction it's getting/how many people are checking in with it. 

While multi family and new built luxury high rises might be going down it does not appear to affect more desirable properties that offer more space, amenities, better locations.I am in South East in a desirable area.What is your take on rental outlook?

2) the financial upside of a non-performing note going to performing (funds will tend to take this for themselves)3) to not have all my risk concentrated into a few investments Partials seemed like a good option with those three requirements but maybe I'm looking for too much.

@Jim Doyle- thanks   1) consider increasing the purchase price by the amount of the elec and roof  work that needs to be done  and then assist  seller with  getting the work  scheduled and completed  ( as this will be required to be donw before closing ) ..this way the  seller  is technically  paying for the  repairs  and they wont lose  any  proceeds ....they will pay a little  extra  wa state sale excise tax  but  that  wont amount to too much  2)  consider  putting less down  and using some of your funds to pay for  the repairs  ( or part of the repairs )   3)  consider using a rehab loan  4)  consider  keeping the price  where it is and asking for the sellers to complete  repairs  (  this likely wont happen)  5)  get roofer and contractor  estimates and get them  lined up to do the work asap  as it might takes  weeks to get this scheduled / done  6)  ask seller for  extension on closing date if the  work  will take  longer than 10 days ,,,Good luck

On the other end pretty much all mortgages on a corporation require personal guarantee which is full recourse

Sourcing off market deals yourself is going to require an investment...