If you're sure the land will appreciate on it's own, I don't see any harm in going for it, unless of course your money can perform better elsewhere, which it probably can.

You can get away with using 5% for Class A tenants, but we use 10% for Class B and lower. 3) Tenant Payment Performance: you didn't mention this, but it is important!

I'm wondering which company buys performing loans and what hurdles I might face?

Once you are on site you can decide if your $20K should be used as a downpayment on a double to house hack (to stop renting), a single to just stop renting, or a single to lease out.

This is a real estate investment forum, so you won’t find many/any people on this site who deploy that strategy.

I assume in the winter months they would perform well, but in the spring/summer/fall (non ski months) how do they perform? 

Refer to the frequently asked questions on the third slide. https://www.hud.gov/sites/dfiles/SFH/documents/MO_203k_Progr...

Even in disclosure states, sales data is not all reported to the sites so you need the MLS to be the most accurate.

There was a recent webinar, bottom line, it looks like Darryl Heller sold off many of the ATMs, didn't pay the people who put the cash in them, didn't pay the stores that have them on site, isn't providing information to David Zook's team that the court has ordered and is racking up something like $50k+ a day for not doing so...it is a complete mess and seems like there are only a fraction of the ATMs that might still be producing money but the company hired by Zook to get their hands around all of this is running into many roadblocks because Heller's team isn't providing info. 

The property alone is worth a million but is generating an estimated $250k/ yr with the ability to add 3 units on site and acquire an additional 13 acres.