I would appreciate any feedback/recommendations, specifically from other out of state investors with direct experience.Thanks,Michael

Other general observations about student rentals (not specific to Tally):Nice thing is you can get parents to sign off as co-signors.    

Could you be more specific.

Then you can focus on targeting their specific criteria. 

You need to to give specific numbers. 

Meet with other local investors to hear about market specifics, and learn from their experiences. 

I'm looking for a SFH in the Fresno CA area, specifically in the tower district.

But since you asked specifically about performing notes, this doesn't seem to apply.I think you'll need to clarify what you are looking for to get appropriate answers. 

You get going quickly towards your goal of building passive income as the niche you are calling out here, large value add MF apts, are excellent ways to do this.  

There are accredited real estate schools in every state and most larger towns, colleges and universities teach real estate, there are business courses that involve real estate as well as (and specifically) business law courses.