Fore example, do any of you maintain income/cashflow statements for the properties, or do any sort of financial performance analysis after it is purchased?

I showed them the property tonight so I haven't performed checks.

Just put in a general "Due Diligence" clause that gives you the right to inspect and perform due diligence for a period of X days, and allows you to back out if you're not satisfied with the results of your due diligence for any reason.Are you planning to tell the seller that you're wholesaling?  

I wold by the front end payments on some performing notes.  

I am very glad that I did that, because we do all our screening through Appfolio, which uses Experian for credit  checks, and we also report to Experian Rent Bureau, which records lease dates, owed balances, and also can help boost or drop a credit score based on the tenants payment history.  

I have commercial clients that buy different types from value add to fully performing.Even fully performing there could be other value like it comes with a commercial parcel for putting a strip center on or the occupancy rents per sq ft are half of going market.You can do well with commercial though it takes more cash.

Test score performance is directly related to neighborhood demographics...

I am very glad that I did that, because we do all our screening through Appfolio, which uses Experian for credit checks, and we also report to Experian Rent Bureau, which records lease dates, owed balances, and also can help boost or drop a credit score based on the tenants payment history.

(you will come a cross a lot more confident in your offers or just talking to sellers when you have at least two more nearly as good deals to make) The above action will dramatically increase your chances to be able to negotiate much more realistic deals for you that you will be able to perform (close) on. 

Before I ask this, I know people are going to respond that it depends - and I know that it is true that it does depend - but I'm not asking for an exact answer, just a rule of thumb/ball park of what a reasonable discount rate for determining the price to pay for a non-performing 2nd note?