There are many rolls of paper plans.   

I have always been weary about investing in this area even though on paper it sounds like there is a lot of cashflow to be gained!

Keep terms, but on my paper.

On paper Reno is the best fit.

You can easily google foreclosure procedure in your state.Now for the controversial part -- if the transaction is papered up correctly, you will have a right to foreclose. 

@Jorge AbreuDo you encounter sellers who are hesitant of carrying paper because they don't know the buyers, or are the 30% who agree mainly focused on the increased price?

., being taken to the proverbial cleaners by a syndicator who was once a LU member but decided to quit and go bat-**** crazy -- I'd never join again if I had the knowledge I do now that their sacred "white paper" (rules for syndicators/GPs/"leads") has absolutely no teeth, and that they do not stand behind the passive (limited partner) investors once something goes awry.  

I requested copies of the income taxes for them both and it looks like this could be a pretty good deal but I'm not sure how much he spends on materials to keep them running as that was not included in his "financial report" (which was a piece of paper with number written for utilities).

It may look like you are overpaying on it on paper but if you buy nice product in nice locations you will appreciate and be well occupied at the same time in my experience.  

Like pert near anyone in our bizz you do have bummers each year myself I wholesale them off when i do have to take one over.. or i might sell them on my 0 interest short term owner finance program .. which creates some rock solid paper given the assets usually need a lot of attention at that point.. for the speculation I had 2 long term land plays one paid off after 22 years of owning it for a 100X multiple  yes 100X  :)  And the one i currently have that the new CHIPS act could create a huge win for myself and partners..