I would be interested to see what MI and OH notes are doing these days.back in the day the bigger players would not even bid on those notes  :)  I don't play in that sand box other than with commercial banks that call me on one off's.. and its has to be a smoking deal for me to knowingly go into a bad situation up front.. that's why I recommend talking to those that do it for a living have their systems in place etc etc.. in my mind small mom and pop investors take a huge risk trying to play the NPN game .. and would be better off finding nice performing notes.. but that's me.

A few questions are: What involvement or risk do the other two have in this process?

Point being is I would try and become an "expert" in one area before you try and mail to multiple and run the risk of becoming overwhelmed.

The Combined income was over $350k per year.I can't tell you how many Investors I have known for the last 20 years miss the boat because they couldn't find themselves "Betting" on the trends.I think if you can put your fingers on the pulse of the Market, you can easily beat the averages, by FAR.However, not everyone has that kind of risk tolerance.

Times of uncertainty create great risk but also opportunity for investors.

Give yourself the margin necessary to address the level of risk you are comfortable taking on and then move forward.There are no guarantees in anything you do.

Without actually getting title in your name now, you run a lot of risk.

When buying a $100k property in those markets your risk should be relatively low as again you are hitting the higher end of rental price points.

However the downside risk is you could also experience lower returns, or even a loss, since your risk isn't spread across hundreds of notes. 

Has anyone used a similar method, or can advise if this deal might be worth the risk?