It takes time to review the financials, inspect all the buildings, the infrastructure, talk to the tenants, perform a Phase 1 ESA, discuss with the city any zoning / code violations or other chronic issues they see. 

@Kurt Jonesok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.

Explain to a current owner of the benefits of being  a financer to you like delay the income for tax purposes, making the spread, and keeping some control,   Take out the insurance as soon as you close. 

Then, once you’ve built up that equity, had others pay down your debt, and taken advantage of the tax benefits, you can exchange it for a property with 20% down and get cash flow.

I've called a few home owners who have props that I'm interested in(found on the tax assessment site and created spreadsheets by county for the land use codes Im interested in) but was wondering if anyone had any other ideas.Am I just being over anxious and should just keep scouring the MLS until we find something?

I'll take an infinite return on my money all day every day.Don't forget about gaining equity through appreciation and principle pay down.And keep in mind that's after the equity you already forced through rehab.Also don't forget about the tax benefits of rentals.Plenty of reasons to LOVE the BRRRR strategy if you can find deals where they work!

To answer your first question, there is no tax benefit to buying a late stage note vs early stage.  

The meeting itself is usually interesting, often with useful topics, but the first 45 minutes to an hour is usually a sales pitch for why you must join REIA, and how great the benefits are and how foolish you would be if you did not join. 

I’m neither an attorney, nor am I familiar with the Portland landlord codes.  

This will diminish the short term benefit as you would pay full taxes now on that contribution, but 12% growth compounded over 25-30 years would be a really huge pile of tax-free money from which to take distributions in your retirement years.