It is important that you perform the necessary due diligence.

Looking at your numbers, I wasn't clear how new the home was, so you might or might not have included enough for repairs but what I have found in my own portfolio is that when you get a few houses or buildings under your umbrella, you might have ONE that doesn't cash flow one year because you had to dump alot into it, but the others carry it, and the overall portfolio performs. 

They can be renovated into performing rentals at an acceptable cost.  

@Karl Johnsonyou can set a fee to set up the deal and marketing for the buyer.Paid by seller, buyer, or both.Land contracts, wraps, and free and clear installment sales also can be contracted for.You can not guarantee the performance of buyer to receive permanent financing in the future.You must use a RMLO - registered mortgage loan originator -  to protect the seller from buyer creating a lawsuit over Dodd Frank's Ability to repay rules.You must use a payment serving company to protect the buyer from seller not paying the PITI.Once you learn these strategies, you can assist pretty house sellers sell on terms and challenged home credit buyers buy on terms.Caution: Make sure buyers go through the RMLO.

@Zana Blue if you offered to partner and they shot you down, then I say all bets are off. 

I have been actively acquiring Notes for passive cash flow since that time.I like the the passive nature, the safety and the cash flow that I receive from Performing Mortgage Notes.I upgraded to BP Pro & upgraded my profile.

Hi Anthony Yannucci we purchase non performing mortgage notes on single-family residences and North Carolina is one of our states that we like the best.

I bet Colorado Springs is an interesting market.  

If the current property has been performing to expectations/satisfactory then would refi to a 30 year note provide the cash flow to invest in another property sooner?

., you got a property at a good price, seller avoided foreclosure and deficiency, and bank got rid of a non-performing loan).