Being a passive investor is a great way to learn - see how the deals are underwritten, the markets are chosen, the deal is presented to investors, etc, and it helps get you experience without having to take on all the burden.

I would further hypothesize that 50k home markets present a lesser risk of default on owner occupant buyers as the median income is often in excess of 33% of the home's price, while low enough to disqualify people from other big ticket purchases. 20% of the REOs I've gotten in 50k home markets have been from owner occupants.

If your primary intention at the present time is to improve you score, I would not suggest you pay off any debts that have gone to collection, unless they agree to also delete it from your file.

This opportunity may not present itself again soon.

Last, I've presented myself as a cash investor to this seller and haven't mentioned anything about possibly selling this contract to another buyer.

Often a divorce can present a great real estate investment.

The problem came when the condo association wanted too much money to release their lien that the bank or myself was not willing to give.I've had no experience on note buying but is that a viable option in this case if I present it to the lender?

With Asia's growth, Japan presents a perfect alternative to China, which many still fear is difficult for foreign investors due to government control and high corruption.

Perhaps your "Yoda" is present and you showing the additional intent and maturity will help you pursue additional projects.

Some general feedback on your list:Copy of Collateral File - mortgage/deed of trust, note, modifications, forbearance, title policy, assignment chain (if not recorded)Copy of Credit File - Origination documents - includes 1003, disclosures, credit reports and HUD - these are not always present in institutional files, their absence does not negative your enforcement capacity.Copy of Servicing File - payment history, servicing notes, etcCopy of Legal File - foreclosure, bankruptcy (if present)Property value through a BPO or similar report will be your responsibility.