I would be interested to see what MI and OH notes are doing these days.back in the day the bigger players would not even bid on those notes  :)  I don't play in that sand box other than with commercial banks that call me on one off's.. and its has to be a smoking deal for me to knowingly go into a bad situation up front.. that's why I recommend talking to those that do it for a living have their systems in place etc etc.. in my mind small mom and pop investors take a huge risk trying to play the NPN game .. and would be better off finding nice performing notes.. but that's me.

Any recommendations for 1) brokers who could do the BPO (ideally I bring the broker to ensure Independence); and 2) an Illinois lawyer who will know the mechanics of setting this up?

Ideally I am looking to find rentals that are tenanted and ready to buy.

How to ensure Listing Agent presents your offer to the seller.In advance of even looking at a listed property:1. email or have your buyer's agent email your Approval Letter for your MAX purchase price, regardless of how much higher it is than the list price of the property you are considering (the higher, the better) & an Attorney Escrow Letter of $5000 or more (the more the better)  to the Listing Agent with instructions for the Listing Agent to forward the email directly to the Seller. 2. take the two letters with a copy of the email where it was sent to the Listing Agent and mail them directly to the sellers, this way that have something physically in their hands, letting them know you are a REAL buyer are not playing games! 

I suppose I was waiting for an ideal time, but it has become obvious that the timing will never be ideal.

Crappy neighborhoods are usually just cash flow plays with little equity.

Absolute number of POH plays a role in what I'll pay for them as well.

I deal with a municipality, two electric companies, a natural gas provider, and a water provider.

Now where exactly this could all play out, I have no idea.

It's all situational as your age, goals, regeneration of capital,etc. all play factors in strategy.I know for commercial real estate maybe 4 out of 10 calls the investor might be a fit for me.