I like the area because the population can be self sufficient without Atlanta.  

If your existing Note with you private lender covered purchase + rehab and you have added sufficient equity via your rehab you can pay off your investor with the bank's money...........then move the property back into your LLC.

Will your cash flow be sufficient to cover reserves and any other cash you need?  

The value of the paper will be predicated upon several factors.Most note buyers look for discounts based upon the fact the Seller has received a certain amount of payments, the Borrower put sufficient down, and the value of the note is in line with the real value of the property minus any equity over the note value. 

Just one might not be sufficient.

Would an umbrella policy be sufficient?

The cap rates on most of the listings I have seen would send a numbers guy (like myself) running for the hills.By that same token, I have seen more negotiation in larger multi family then in any other RE that I have experienced.

I explained to her that there is one lease on the property and so one notice of intent to vacate is sufficient.

I have a feeling this information would be sufficient to deter many tenants from vandalism Nathan Emmert so maybe you do want to KNOW but never USE it!

Would this amount be sufficient to "get in the game" and what kind of return would we be looking at based on a slighty higher tolerance of risk than conservative?