Your buy formula is a personal choice as far as target yield.Due diligence in broad terms covers:1) marketability of note, legal, etc. documentation2) the borrower (credit worthiness, payment history)3) the collateral (equity, other liens etc.)If you are proficient with a financial calculator make sure your settings are correct for # of payments per year.to calculate "i"/yrenter "n" number of remaining paymentsPV= the price you pay for the note if its $50,000 enter - 50,000PMT= scheduled monthly payment if it's $500 enter +500FV= usually "0" if it is fully amortized (if there is a balloon enter that number +)Most people get tripped up on when to use a negative or positive number.then press "i/yr" that will be your annual expected yield

I live in one of those places where a decent quality home, priced near appraisal sells on the same day and builders are hard pressed to keep up.

I was looking at getting a portfolio loan, but I think I would be better off with traditional home loans, and doing 1-3 homes at a time (that way I'm not pressed to spend all the funds quickly).Anyone can help with lender contacts that can do traditional financing?

In B class areas of Minneapolis, you will be hard pressed to buy a building at a better cap than 6. 

I would highly recommend discussing the issues with a securities attorney or real estate attorney so that you make sure you do not accidentally cross any lines.

And if your LLC has all your buddies, then dont worry the lenders have more pressing matters to attend to right now.

Semi-Accidental landlording.

The previous landlord should have pressed the issue.

But you'll be hard-pressed to find one that allows you to use the end buyers funds for your purchase.

I spoke to Dr evictor and they don't do wage garnishment...if u know someone skilled in this, would help my most pressing need.