That will be your best and most accurate bet. 

All you are required to do is watch a few videos, take some notes, and then write letters: to the various Original Credit Agencies (OCA), like bank credit cards; Credit Agencies (CA) you have gotten collection letters from; to the big three credit reporting agencies (CRA), Experian, Equifax and TransUnion, who report what they receive from the OCAs and the CAs, whether accurate or not.Mike Roberts, founder of Credit Solutions, has a great free program designed to help you rebuild your credit.

I had time on my side plus rentals with a very nice cashflow to pay for under performing properties .  

Basically, she asks if the information they provided is accurate.

In regards to your concerns, you should put together an MOU regarding the terms of your agreement with performance clauses protecting both parties, and eventually lead to a JV agreement.There are several other methods to protect yourself as well as the owner/seller, however, too lengthy to write about.Don't be too greedy, otherwise it will limit your relationships and longevity. 

If you do not perform, they'll just move on.

Perhaps the question would be, based on the described circumstances, how do you convert a non performing asset such as this into a performing asset?

In my opinion, CAP rates and NOI are a great way to compare properties to each other you're when doing business with other investors, but Cash on Cash is a great way to see how one property will perform for your personal operating assumptions, compared to the next.

The note was non-performing so the bank sold the note off likely at a good discount.

People can say what they want I've negotiated down to $5,000 for a non-performing assets.