Look to performing loans as a more passive path.  

Steps to purchase a loan are different from managing a loan in its various stages of performance.  

Make sure you clarify what will happen if they don't fulfill this duty.Here is an example from our rental agreement:1.LANDSCAPING/YARD CARE.Regular landscaping/yard care (mowing, edging, trimming, fertilizer, weed control) will be provided by _______________________.For all Tenants:a.Tenant agrees to keep yards, walkways, patios and decks clear and to keep premises free of junk and debris.b.Tenant accepts liability for all landscape damage and/or replacement of such, if caused by neglect, abuse or lack of water.c.Tenant may plant the beds adjacent to their dwelling to their liking, but only with those plants that are of appropriate size and type for the beds.All plants brought or caused to be brought to the property by Tenant will be cared for by Tenant.d.Tenant agrees not to cut or prune trees, hedges and shrubs.This will be Landlord’s responsibility.e.Tenant agrees to properly dispose of all plant debris and agrees to not leave such on the property.f.Landlord will consider special Tenant requests for planting and removal of plants, shrubbery and trees, but reserves the right to determine the make-up of the landscaping.For Tenants of single family homes only: a.Tenant agrees to mow, water, and keep the grass, lawn, flowers and shrubbery thereon in good order and condition, applying fertilizers and weed retardant as needed. b.If there is a failure of Tenant to keep the landscaping in good order and to follow these guidelines, Landlord reserves the right to hire a landscaping service at Tenant’s expense (after a 10-day notice to perform covenant).c.Landlord reserves the right to restore the landscaping to its initial condition, as it was at the time Tenant began occupancy, or if improved during Tenant’s occupancy, to the level of such improvement.

What  you guys  think  I  should  go first  Performing Note  or  Non-performing.  

@Aaron Cullen good question. if your rehabber cuts corners and performs below standard repairs, once they pass the property on to the property manager and new owner their hands are washed of it.

they are more interested in how the property will perform and its ability to pay the loan.  

The Rheem you get at Home Depot is Performance Series, has a plastic drain valve, looks like it has a honeywell thermostat in the picture and cost $425.

But what is stopping me from performing all (or most) of the services of a property manager without calling myself that. 

Based on the performance of the asset, is it reasonable to say that if the numbers work I can find a lender that will do 90% LTV?

@Jay Hinrichs I am referring to Dave Van Horn's re-performing warranties from PPR.