My understanding is that you don't need a license to buy any paper (notes). 

You don't have to paper it that way, but that is what it is. 

They’re taking the self-checkouts away there too because they couldn’t prevent rampant theft with them, and many restaurants are going back to paper menus because they’ve gotten such negative feedback from people needing to read the menu and order on their phones (I have dietary restrictions due to a health condition and I hate ordering on my phone because it’s so much easier just to talk to somebody).

A lot of these properties I'm looking at, are mainly just outdated ( Fixtures, cabinets , older appliances ), needs carpet replaced, most have wall paper on the walls , needs an updated paint job both inside in out .So not really things that make it un-liveable , but just mainly need updated Which brings me to ......

Hi Shrijan,Welcome to the forum.Personally, I'm not a fan of out of state BRRRR.On paper it all sounds good and great but I've been in the game long enough to have witnessed otherwise.I would always advise doing BRRRR in your own market if possible.There are too many links to a chain with this approach and if one link is faulty, you chain becomes useless.Otherwise, (Yes, I'm bias lol) an alternate solution is buying turnkey.Wishing you much success 

I see this all the time with wholesalers who send me deals and over inflate the ARV 30-50% where it looks really good on paper, but is not based in reality.  

This afforded me the leverage of having filed and served, then using that to tell the tenants that if they were out and signed papers releasing possession of the apartment before court then I in turn would relieve them of the judgement for back rent.

But I can see if you can’t take the paper losses it being worth it.

When you use a Bigger bank we do not have overlays for the majority of programs because Banks fund and hold their own paper.

Properties, for novices, which look good on paper and have good cash flow usually come with C to D+ areas, risky tenants, and a lot of cap ex that you can't see on the internet (basements, roofs, water issues, outdated mechanicals).You are turning a terrible loss into a springboard which is great, but you are trying to move too quickly it sounds like.