Hi guys I don't know much about non performing note I've listened to severial podcast and did a little research on the mater.

Here is a link to the code that reads as such: IN CODE Section 25-34.1-3-2.(3) section 11 of this chapter;no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license.- See more at: http://codes.findlaw.com/in/title-25-professions-a...Here is a link to all Indiana codes for anyone interested: Indiana Real Estate Commission Laws and Regulations.With that being said, if you're considering a manager/management company here in Indianapolis, you can check to see if they are licensed here: Indiana Professional Licensing Agency.From the IPLA site, you can search both an Organization or an Individual.  

No one is going to sell you an asset that's performing for a discounted price in one of the most desirable places on the planet.

If a total renovation was recently performed with new roof, appliances, etc. it may be a better deal then another one that is in good condition, but hasn't had any recent updates.

So does this mean that other peoples return play zero role in your measurement of your performance?  

So for that reason this is where your sponsor due dillegence comes in play and what's has been their track record.Of course the normal warning that past performance is not indicative of future performance applies ;).In many of the platforms you will see repeat sponsors and some of it is just learning where I participated in a previous deal with the sponsor and trust them. 

We've got an international airport, major professional sports teams, night life, culture, art and more.

@Mike Wood  10% is very simple in the performing note game... and other investment vehicles with probably a lot less risk as well.My main point to take devils advocate here is for others who read this and wonder how do I attract capital when I have none but I want to get in on the equity side.. and that is to always give the money the lions share until you have a stellar rep..I mean I still do this to this day... and that is why I am NEVER without more capital coming at me than I can deploy..

The PM is under-performing if they think there's not much they can do.

With low inventory and high prices considering the condition of homes to be subpar, I wonder if winning a bid from auction.com would be a better route, giving us the flexibility of rehabbing the home to our style while still gaining equity from the finished remodel would be best or waiting to see how the market performs in the next year.