So even with a late-stage note where most of the payment is principal if I buy it at a steep enough discount I can still earn my yield Target.

In my first target market, my home state of SC, high NOO property taxes kill an unfortunate amount of deals.I own my primary residence in CA and got lucky purchasing it in 2009 when there were foreclosures everywhere.

David Greene's long distance REI book would be a good resource to read. 

@Kenneth LaVoieWhy not figure what your payments would be with the 30 yr financing and then work backwards to figure what your LTV would have to be with your current financing and then use that as a target point to pay down to and then refinance...This way you keep your liability protection, get the same payments as the 30 yr financing and are better protected against a down turn of the market due to the larger equity cushion.Example 100k note with 30 yr 4% = $477.42, but you could use a 20 yr note at 6% in the LLC and carry $66,638 mortgage to get that same payment $477.42. 

@Dmitriy Fomichenko Thank you so much for al the tips and resources.   

For example if you targeted that same absentee, high equity, list, but narrowed it to folks who purchased from 2008-2012, your message could focus on how they can now cash in on their amazing market timing, and how you can help them do that quickly and easily without having to evict tenants, clean the property, hire an agent, etc.

She may also have more resources for you.

Also local architects that have worked on similar projects are a good resource and can help guide you through the process.

If you need more ways to find motivated sellers and properties, I wrote a few BiggerPockets blog posts about finding them online, offline, and through relationships, that you might find helpful:https://www.biggerpockets.com/blogs/8814/72016-55-resources-to-find-real-estate-deals-onlinehttps://www.biggerpockets.com/blogs/8814/71506-27-ways-to-find-off-market-and-wholesale-real-estate-deals-offlinehttps://www.biggerpockets.com/blogs/8814/72664-35-relationships-to-help-you-find-more-houses-to-flip-or-wholesaleInterested to hear how you’ve been, in terms of the cold calls and D4D since you started. 

Someone familiar with the area and flood plain maps should be able to compare the maps and various online resources (google earth) and have a pretty good idea if it is in or out.