Is that what you're thinking of doing... or would this be for raising private money for REI or selling wholesale properties?

Fayetteville real estate investing is pretty good, though recently it's getting MUCH more competitive than in past yearsnone of the good deals in Fayetteville stay on market long. your best bet is to talk to realtors and hunt the market often, when a deal comes you need to move lightning quick.

For example, one reason that we work in Memphis is because of the laws respect the private property rights of landlords.   

first you have to decide what you want to do in the note business.. what most of the responses are talking about is buying bad debt.. and 2nds at that which this is the most risky and the most work..if your looking for work and risk and job then that kind of note investing is for you.If your looking for Passive income with no work and Limited risk then you simply need to align with a great HML who takes on private clients or those that understand where performing notes are generated.. we have done over 1700 performing notes for clients that last 5 years and really don't advertise at all. simply because once you get conservative investors in your program it just feeds itself.. deal flow is the key right now.. most have a hard time finding quality. finding defaulted seconds is easy.. and the most risky. 

The borrower has to settle the debt...it's not going away...and there are also late taxes I would bet...which are in first position in front of the mortgage.

The banks I do business with don’t do construction loans to private people, and I am not sure I have the income to get the kind of loan that I might need.

Is this a private lender?

Hunter, Gore, Windham and other ski mountains should be a good bet in the winter and now that they are getting more active year-round, that should round out your reservations.The Hudson Valley Wine Trail and the multiple breweries in the HV are drawing people in from all over.

@Shi Fallon I borrow 2-4 loans a month from private lenders and hard money lenders.

In my opinion  the agressive apartment building will eventually catch up to the demand and single family homes would be the safer bet.