As @Johnathan Norman  mentioned this is different than the NPN strategy hoping to get a preforeclosure property for a potential flip or workout.One thing we don't talk about much as note investors is the ongoing need to redeploy capital.

Iam looking for a good turn key property management company.

The mortgage company should be mailing an escrow report every year.

The list is huge, but includes things like monetary risk, legal differences, government corruption risk, management risk, supply chain issues, insurance practices, utilities, tax differences, banking differences, etc. 

Scenario 2 - 9.5% Yield (Multiple notes) vs Stock at 6%:For this scenario we are going to use the same numbers as above the only difference we are going to be buying a new note with all of the money we get after ever year.Year 0 - 12k to buy the note Year 1 - We have 3024.24 (252.02 * 12) Year 1 - We buy a second note 3024.24 at 9.5% for 4 years -- 48 payments of $75.98.Year 2 - 3024.24 (1st note) + 911.76 (75.98 * 12 -- 2nd note)Year 2 - We buy a third note 3936 at 9.5% for 3 years -- 36 payments of $126.08.Year 3 - 3024.24 (1st note) + 911.76 ( 2nd note) + 1512.96 (126.08 * 12 -- 3rd note)Year 3 - We buy a fourth note 5,448.96 at 9.5% for 2 years -- 24 payments of $250.19.Year 4 - 3024.24 (1st note) + 911.76 ( 2nd note) + 1512.96 (3rd note) + 3002.28 (250.19 * 12 -- 4th note)Year 4 - We buy a fifth note and final 8,451,24 at 9.5% for 1 year -- 12 payments of $741.03.Year 5 - 3024.24 (1st note) + 911.76 ( 2nd note) + 1512.96 (3rd note) + 3002.28 (4th note) + 8,892.36 (741.03 * 12 -- 5th note).Total: $17,343.6 While this second scenario does outperform the 6% stock market return, it only give you a 7.64% annualized return while is better, if we implement scenario 2 in a self directed IRA where lets assume they charge you $150 every time you buy a new asset that would technically be $750 less of profit giving you a profit of $16,593.6 and a 6.7% annualized return.

and I will not just rely on 'the apps' - paying the title company as needed for a title report of course before proceeding with deals.

Expect calls often - it was nice with the lease as the company handled maintenance and issues 24/7, and it was definitely needed.

Would be a great achievement if it works - I would also reach out to the railroad track company to ensure there won't be any disruptions or issues they may have when/if you start the development process. 

Consider going the route of long term rentals in a different market if this worries you.

There was a job change at the last second and I had to go a different route, but it is a great program.