Seems like the idea is to buy a non-performing note - either get the payments or foreclosure on the property then rehab and rent from there after the foreclosure process. 

After months of due diligences, (sometimes folks get lucky and it's weeks or even shorter) , they find a property that actually will perform well and meets most or all of their criteria - only to talk them selves out of it for one reason or another. 

Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals.

For those active in the performing note space, have you raised your minimum ROI or minimum interest rate to maturity calculations in the last 6 months?

Who in their right mind is signing your 9.75% loans, are you running these at 2:00am at the local casino parking lot? 

For BTR, I am willing to accept performance above 0.8%, but what are you willing to accept and where do you think interest rates will be in 6 months, 12 months, and 18 months from now?

If it needs upgrades/work and you are expected to perform such work, then walk away from it.

You will also not have the luxury of spreading major CAPEX expenses and some maintenance expenses across all units (one roof, one electrical system, one lawn, one parking lot, one HVAC system, etc)- When you buy the portfolio, there is a pretty good chance that at some point you will want to sell off the lower-performing assets in the portfolio or the assets that cause a headache.

This is how we perform rental analyses for prospective clients.

@Stevo Sun: If you made a seller an offer and seller accepts... and you both execute a contract but then either you (or seller) fails to close... then there is a breach of contract and the defaulting party can be sued for specific performance by the aggrieved.