I’ve done some calculations including all those expenses and as long as we don’t make a bad deal financing wise we could be netting 1800 Every month with about 60 in rev a year.

If you do invest in notes however I would recommend having at least some financial reserves in case things go badly.  

Given the housing shortage/demand, might not be a bad idea.

And the interest rates aren’t bad.

;  It's my partner's and my first major deal, and it is out of state so don't tear me up too bad :-)Thanks!

One rule you can use is the 70% rule,  which says that you should only pay 70% of the after repair value minus costs,  In this case applying that rule means that you should pay  (70% of 140K) -80K = 18K Personally I think that you might be able justify a little more than that like an 80% rule but you are buying it at 100=% and thats a bad idea

The only thing it didn't have was a bad layout.

You have to be careful like any other real estate investing because there are a lot of bad deals out there, but there are some good ones too. 

Just keep doing the same kind of deals until you get really familiar with the “bad” then I would shoot over to multi-family.

@Ryan JopsonNH isn't bad, but I've haven't been able to find a clear deals.