It's almost like putting extra payments into your mattress and then pulling it out in 2044 and exclaiming that you have EXTRA money. 

Some extra info would helpYou state raw land.

When it comes to purchasing discounted mortgages as a business model, what headaches or difficulties or nitty-gritty annoyances have you discovered in the note business??

You said you don't want to view this deal speculatively, that being the case cash flow is king.As an aside, I would consider renting the garages out separately, or include them with the units as an optional ~$150/month extra.

We had it listed for 1250 per month but rented it for 1600 per month to a couple who's house exploded in a gas fire and insurance is paying extra because of the short 6 month lease.

If you find what is in your criteria, and feel it is a deal it may be worth spending the extra 150$ to turn on temporaly.

This provides extra protection for non-payment and potential damage.

I notice on the BP Rental Property Calculator there is a field for "Other Monthly Income" and the question mark icon gives "extra storage" as a possible example of such other income...I have a 3BR / 2.5BA Townhouse for rent @ approximately 1600SF with an 800SF partially finished basement.

While this may seem inconvenient, I actually get 1 full month of extra rent/year this way.

First lender offer: 3.25% Interest with PMI $38/monthSecond lender offer: 3.75% Interest with no PMIDoes it make sense to take the lower interest rate with a PMI and make extra payments over the next 2 years so I can remove the PMI early so I have a lower payment.