Tax Liens and mortgage note trades are becoming more and more wide spread as the housing market tightens up and is inundated with new investors.

If the loan has mortgage insurance that deficiency spread is pretty manageable for the Mortgagee.  

You can't have any holes in the screens, you can't have more than 1 person per 50 sq ft of bedroom space, no flexible pipe from the sink drain and no plastic water supply to any faucets, GFIs in basements and garages and within like 10' of the sink, no flexible pipe to hot water tank or furnace, no nail holes or non-fire rated foam crack filler in the garage wall between the garage and the house because fire can spread faster from the garage to the house... 

There are so many factors that can result in a season being a complete loss.The people who do manage to make some money are like my friend where they can spread their investment over a lot of acreage. 

The other was when a tenant was cooking, they were not paying attention and the oil in the pan caught on fire, they panicked and threw the pan in sink, the water caused the grease fire to spread.

Portfolio of SFR's you have diversity but you have houses spread out all over so PM is difficult and doing repairs and sourcing materials is hard because each house was built in different era and has different layouts and bed and baths.The landlord tenants laws might vary and court system from city to counties as well.For this reason I do not like portfolio of SFR's but that's just me.

I find houses that I put under contract, then work to find my lease option buyer, then get them approved with my investor, and then the investor negotiates with me on the home, we close, they pay cash, I make my spread, and on down the road I go.I havent closed any of these deals just yet, but just started with these guys.

There is so much development going in downtown that is spreading out to the neighborhoods, including the historic Fountain Square area.The City of Indianapolis/Marion County is a "unified government".

Each investors capital is spread out over a few properties. 

If anyone comes on here and takes credit for spreading that nonsense to always put properties under contract without seeing them.