The main reason I find is that the older lien holders won't have the cash to complete the process because of the additional funds required. 

We recently attended Than Merrills’, Fortune Builder’s seminar on RE investing and although we did gain some additional knowledge it seemed to be a 3 day sell to attend the $20k mastery program.

5-8 years ago, you could pick up these lots because developers went out of business before completing the subdivision, but these days, if a developer isn't developing a particular lot, there's probably additional reasons (didn't perc, slope/shape is bad, utilities are tricky, etc).

Another note for you on conventional financing for condos is that anything over 15 year fixed and 75% LTV will pick up an additional condo "hit" to the rate meaning your interest rate will likely be 1/8 to 1/4 higher in addition to the typical uptick you would see from an investor loan.My guess is that your broker either doesn't want to deal with verifying warrantability of condos or does not have experience with non-warrantable loan programs.

. :) and would appreciate some advice regarding historical performance of the rental in terms of good metrics (cap rate, cash on cash, IRR et cetera, before and after tax).

If one of the SFRs does exhibit subpar performance it is lifted up by another SFR that is performing beyond expectations.  

@Andrew Orr, My wife and I painted the paneling in an addition of a home we sold in Michigan.  

You have to look at the property and determine what works needs performed and estimate the cost of doing said work.

But some of my colleagues have houses out there that top their portfolio in terms of performance.  

Are there any fund options that are performing better that you could choose?