This gets the borrower into the deal for much less (occasionally none) of their own money into the deal.

Sandy, what if you were to do the occasional flip with these funds?

The descent deals get written up in a memorandum of offering and are circulated to a few brokers' client lists and are sold.Loopnet is where the unloved and overpriced congregate.There are occasional exceptions.  

Like you said, it might be harder to hit those numbers with 1-3 properties if you can a dud, but $200K would fund a portfolio of around 10 financed  properties which helps diversify your risk and compensate for the occasional duds.

As such, I've ended up with duplexes and an occasional quad...

A wall of built-in bookcases or armoires with drawer storage and a Murphy bed can turn a second bedroom into a multi-purpose space like an office or playroom without sacrificing having a bed for the occasional visit from the in-laws (or outlaws, depending on your situation).

The Son (tenant) can only be contacted occasionally when the father happens to call the right bar and he answers, otherwise, he never responds to any correspondence. 

We hope they might return and book directly with us the next time, which happens occasionally and does start to build some relationship. 

In the next 3 years looking to buy a property to use as a source of income and an occasional vacation spot.

However, that cant always be the case and that has proven itself occasionally.