new houses are getting sold for 600K, old houses switched to multiple offer selling model, just like some places in GTA.

So in my mind it would be best used as a last move into a REIT you never sell.  

Some people love that as the initial numbers look good, but probably over the long term they get tired of the common issues landlords face.It's not that hard typically to find a move in ready property, or even to find one that needs minor repairs, where you can capture the equity yourself vs the person selling it to you. 

Also if you are selling, hopefully your agent has advised you but good practice to have a vacant unit to open the buyer pool to owner-occupied buyers/house hackers.

Investors Receive "Restricted Securities"Syndication investors receive restricted securities, meaning:They can’t freely sell their shares like a stock.They must hold the investment for a certain period.Additionally, you must file a Form D with the SEC within 15 days of the first sale of securities.

Is your client building to rent, or build to sell? 

Try being an agent, your phone number is EVERYWHERE and you get targeted by a whole industry that wants to sell you the latest gimmick.Here is what helped me.I answer calls and when it's a telemarketer I will interrupt them and say very friendly (because I don't hate the poor person who gets paid to do this and coached to be ruthless): Hey, so glad you called, can you do me a big favor? 

Similar to what Patrick stated - most have ITINs and have seen a lot of loans like that and those are sold many times on secondary market. if not I know people who still originate I would say they are tougher to sell on secondary market but there are still buyersRe: jay comment - price of notes has doubled over past five years on many loans - especially defaulted or loans with some hair too them. 

Additionally, I would suggest you run some financial calculations such as cash on cash return as well as any appreciation from the asset if/when you sell.

I almost exclusively work with investors and business owners in buying and selling in Baldwin County.