I just bought a non-performing 2nd note on a home where the 1st note is current, but I just found out the house is under contract and listed for 189K.1st note balance is 196K.2nd note balance is 51K.Market Value is 232K, but it's listed at 189K.To me, the math just doesn't add up.

You are on the right track- worst thing that could be done is to have a note balance higher than the value of the property. 

Once you have a larger portfolio I would move towards having in house help that would be responsible for it.In your case I would lean towards DIY, unless it is a difficult job (maybe you don't have the proper tools, etc.) or a job that requires it be done immediately.

Refi before 2012, hopefully, you property deducted the unamortized points, and if it was with the same lender properly amortized over a new loan. 

If you plan to stay in cash on the other side of the balance sheet you can use the two to blend a much higher ROI than simply going cash without the 1031. 

A 3 day notice will likely not be deemed proper by a court anyway and you'll have to start back over with the 60 day notice anyway. 

We have been watching the market in Fort Worth proper for a while and have gotten a feel for it and are ready to make our first purchase once we find one that looks good.Hope to talk to all of y'all and let me know if I can be of any help.

Others want to have work life balance ... others are ok to work 24 hours/day.

It would take a special case to get it to work out properly.

@Julie Hill What option(s) you decide to take will be dependent on: Balance sheet  - how many $ are you willing to invest, how quickly and for how long;Time commitment;Risk/return expectations - newbie investor only look @ returns, whereas they should be focusing on understanding riskLiquidity and risk tolerance - closely linked with the earlier point on risk/return expectations.I would focus on picking a niche and taking a deep-dive.