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.

(I suppose it might be a bit difficult for you, if your market is already used to Licensed lying)...

(I’d love to hear what happens when you close and try to evict them - the relative. )The difficult relative actually started the transaction and not giving us (seller and I) the problem and wants me to back out after me depositing the EM. 

I've never seen a more difficult way to pick a forum "topic".

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.

I am Canadian so it is a bit more difficult for me.Parm

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. 

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

Before even starting I have been told that it is difficult to get offers approved using FHA in this market, even with pre-approvals.