Through my investigation of investors and borrowers, I have found that Peer Street would not communicate with either side or try to force foreclosure or, worse, put borrowers in bankruptcy. 

The place I'm looking at, I'd expect a minimum of $300k asking price, and after running preliminary numbers, at worst it would cash flow about a quarter of what I make at a job. 

Also, do you typically include a preliminary offer in your mailers or just an invitation to talk?

The reality is that there are closer to 6000 rentals and the potential tax revenue will not be overlooked, especially since the city will need more money for code enforcement and investigations.

After investigating I noticed there was no building on the property, and it looked like nothing had been there for years (most likely there was a fire or it had been destroyed by a storm).

It doesn't always have to be a higher cost multi-family or commercial property to benefit you, but some preliminary analysis is needed. 

My reason for investigating this field is that after helping my oldest daughter graduate with a degree in architecture, and a teenage daughter getting ready to follow her dreams, it would be nice to develop an additional income stream.  

Just changing a wax ring with no further investigation might allow a slow leak to continue causing unseen damage.

I just wanted to be prepared with the preliminary stuff before I get into deals.

And on the topic of bridge debt, we also will give competitive rates after we've done at least preliminary underwriting and we like to stay competitive - ambiguous as that may sound.