Also, at this point in my investment business I would rather do it alone and retain the equity for myself as a partnership will expose me to unnecessary liabilities such a personal guarantee, making sure the partner perform his end of the bargain, etc.  

How much jockeying work does your title company perform for you? 

I am buying 1st non-performing notes, some are BK13.

anyway:I assumed $120k all in, with 5k in reno, it would be plausible to "discover" another $5k issue, otherwise I normally assume +20%, which would only be $1k here...anyway:[email protected]% for 30 years: $625 a month (after refi)taxes: 300 a monthInsurance $60/monthVacancy (1400@8%) = 112repair contingency $60 a month (4%) Capex $60 a month (4%)management fee $100=$1317the repair contingency is accounting for an update/refresh of something in 5 years to max resale (floors, kitchen/bath, whatever) and backs up capex if something goes to hell early.anyway, it was just an exercise of a representative home.  

It performs thorough background and credit check by scouring court records and documents 

When making monthly property performance spreadsheets or P&L are you using:1.

Let the seller perform some duties for reduce rent(against this)?

I think you'll be able to find opportunities through most of the midwest that will perform similar to or better than Birmingham, so I'd say you're on track.

Hello BP,So I usually do traditional real estate, but lately my company has been receiving Performing and Non performing Note, most are not mortgages.

When my agents are not performing (or performing for themselves), I am less likely to want to keep them on (not just about the $$ either).