You may want to check in the the e-book from @Dawn A.

I've devoured every book published by BP and am currently reading J Scott's e-book on recession proof investing.

On the North side the common investment approach is to accept low single digit cap rates in order to get price appreciation.

I have thought about offering turn-key products but I'm not in a rustbelt town with double-digit cap rates. 

On the side I'm also running my own agency for digital marketing and PR (Tellya Communications).

Here are some of the specifics of the property and what I am seeking:- Seeking a $50K loan, secured by the tax sale property- Offering 1st lien position on property- AVR $150K+- Purchase $15K or less, with $35K in repairs- Willing to use a free/clear property as additional collaterial ($75K+ value currently) if needed- Looking for high single digit interest rate, on 30-year amortization schedule with 2-year ARM and no pre-payment penalties- Tax sale, so must use private money for 1st year. 

I also believe unless your portfolio is over double digit units you will not be able to afford a property manager. 

Problem is the second note is in the double digits for interest rate versus a seller held second you can likely get closer to 5 or 6%.Certain assets like commercial retail the market is strong to where  a seller doesn't have to hold any kind of second.You need to dig down further with your buyer to understand if what they are trying to accomplish is a pipe dream or reasonable.

In my area , if its on your property you can dig it up .  

Brad, is your cap rate really in high double-digits after repairs?