In other words, I have to go for less management/maintenance intensive properties (this isn't my career -- yet!).

Hi,I've got a number of notes, most of which are (so far) going reasonably well, however, I've got one that is just lagging the rest - it was a non-performing 2nd and the 1st has got in the way, making a short term foreclosure or work out unlikely. 

Unfortunately, this is how things work out sometimes.  

In that way it will either workout or you will get an intensive education on how things work.No legal advice given. 

Based on your feedback and my research, if I get an experience lender working with an experienced contractor using a rennovation loan, then it should all work out well.  

I feel like it isn't unless they work out some sort of a deal with the bank. 

If you do, you can try to work out some kind of profit sharing agreement. 

I'm sure it'll all work out in the long run.

In order to get 8% return at $4,800/year, you can only put in $60k, so the maximum financed offer would work out to $53,538 + $60,000 = $113,538.Thank you for checking my math. 

Find a few properties you are interested in, work out all the numbers on paper and try and ballpark what you think they will sell for.