I was put in a position where I was analyzing potential investments day-in and day-out.

I have the opportunity to purchase the 2nd lien position on a non performing note.

I do, however, want be in a position to identify and act on a deal if one came my way as soon as possible.Are my goals realistic or should they be more aggressive?  

Anyone can sell a turnkey property - an owner occupant that is selling but kept the property maintained and updated all the big items before selling, or a company that's just marketing properties sold by other entities all over the country (called a marketer) will often sell 'turnkey' properties.

if it goes fine alls well if it gets botched the first one to lose is the junior position..

You should pick a property that you like and think you can afford, by analysing it, lets say, on Zillow mortgage calculator and include all other possible expenses needed to maintain the property. 

I wouldn't even pay an app fee before I saw it because if the rentals aren't maintained, I would be wasting my money.  

Positive Cashflow That price is close to the retail value (Zillow & iCOmps).The house can appraise to $325K (just based on recently sold house in that area and income) I am having a hard time marketing this house.

(just make sure you are at least positive cash flow on that first one. :)  )

Before I had not the credit nor financial means to embark in Real Estate, I'm in a much better position now.