I recently purchased a performing first which has an outstanding HOA lien attached. 

My family owns a 15 story, 54 unit apartment building in Chicago, and our current cleaning "crew" consists of a woman who lives in the building with significantly discounted rent as a trade for cleaning public areas + taking the trash out to the alley from each floor every other day.

Just be consistent and friendly.  

So the place has to be in decent shape, which means you pay a little more.I use the 50 percent rule, which includes PM.I do self manage, so my numbers look closer to this without the pmPercentage of gross16.5 percent for taxes and insurance5 percent for vacancy10 percent for capex10 percent for repairsright around 40 percent give or take.Which is around 280 a month in cash flow.How is your indy properties performing?

Do consistent marketing and hang in there when things get tough!  

Sometimes landlords don't perform through background and credit checks before they decide to rent to them, so the next owner gets stuck with the problem.Perform your due diligence.

Does your LLC consist of a single person or multiple people?  

Should I just chalk it up to a lesson and smile with my 100g's or fight this cancel the contract and face specific performance which might mean still having to sell or face litigation?

Hoping to hear all feedback from anyone who has had experience, positive or negative, with purchasing non-performing notes / non-performing loans. 

Fast forward 4 months and multiple lunches later, I was performing all kinds of tasks for him and soaking up as much of his knowledge and experience as I possibly could!