All of the notes where I found that the property owner and borrower that didn't match were first position.I also see the appeal in modifying a loan for an owner occupied underwater property assuming that you acquired the note at a discount sufficient to provide room to do so and still earn a profit. 

The behavior of the tenant and friend are uncalled for, but don't get sucked into an argument with any tenant.Don't get a gun unless you absolutely know how to handle it and go to a range and continue to practice. 

Another method is physically going to properties on the market in your area and look at them, look to the basic concept of "DUST" in the real estate, after about 50 homes in a band of price ranges, you'll be able to guess, it might take 100.Too bad newbies don't have a "Blue Book" for real estate, wouldn't that be great......Oh, that's a 2006 model Harrison Built in Oak Hills, zip code 65606, ah, it says here the 3/2/2 is worth, in good condition, $212,500.00 !  

Any guesses at a cost range would you be looking at to build a single garage with a loft above to rent out?  

The old rule of thumb was that a prospective borrower could get a mortgage of about three times (2.8-3.6) times gross household income at interest rates in the 6-8% range.

Rather than dealing with skilled and shrewd loan brokers, you're instead just working with a seller to solve a problem.Sellers who are most receptive to a financing offer need to sell but can't, often because they lack sufficient funds to make necessary repairs or to engage an agent.

If you have the cash and you want to buy a personal residence, it sounds like you have sufficient capital and income to support a new (modest) house and the losses you will incur on the condo. 

I think you can find some properties in that price/rent range. 

I also noticed it in single family homes where the prices range from $135,000 to $299,000. 

They range from very sophisticated professional real estate investors that own many properties all the way down to people that have local friends that help them locate properties.In some areas of Collin County, you might have 4% of homes in a neighborhood owned by Chinese investors.