I have the opportunity to purchase the 2nd lien position on a non performing note.

His quality of work is excellent! 

I do, however, want be in a position to identify and act on a deal if one came my way as soon as possible.Are my goals realistic or should they be more aggressive?  

lets say in this market your actual cash on cash with quality assets is about 5 to 7% return I think that's pretty fair in todays market on 100k rentals.. so lets say 7%  of 25k.. give you 1700 a year in cash flow net.now lets say you bought a quality performing note secured on the exact same collateral.. only instead of investing 100% of value your the bank at 65%  so you loan 65k  your spent 75k on your down payments to generate 3X 1700 a year.and your performing NOTE on the exact same assets  at 65k is making 9%  which is quite doable.. so roughly 5900 a year in come on your note.. and you have ZERO cost to your note.. its just pays every month.. into your account.. so take your 5900  and 3X 1700 5100  that's 11k a year .. pay down one 75k note you will pay this off in about 7 years .your note at 65% LTV being interest only is still worth 65k.. its just a cash flow machine.. and now your free and clear asset just dropped a 500 a month payment ( just spit balling.. ) now you have another 16k a year to pay down your next note which has been paid down to say 65k with normal payments so in 5 years that's paid for then you do the next one and its paid for in 4 year lets say.. so in about 16 years you now have 3 paid for houses and your 65k note as its still an interest only note.. and its all equity.you income on those three homes and your note.. brings you up to about 3k a month or so.. and its all paid for. not a bad use of 150k to start with.. and pretty manageable for home.Or you could just buy 3 notes to start with making 14k a year in income and save it for 5 to 6 years and pay cash for homes going forward.. few ways to work it.. 

if it goes fine alls well if it gets botched the first one to lose is the junior position..

If you can keep the same rental amounts, but change it to monthly billing with a decent quality of tenants you should be good to go.

Positive Cashflow That price is close to the retail value (Zillow & iCOmps).The house can appraise to $325K (just based on recently sold house in that area and income) I am having a hard time marketing this house.

(just make sure you are at least positive cash flow on that first one. :)  )

@Brandon Turner No hard and fast rule as this is dependent on your lender, personal risk tolerance, market, property type and tenant quality (among many things). 

We all know that we are paid by the value that we bring, so focusing on being a quality agent is key for me.I've found a way to get addresses for entire neighborhoods in Lexington county without paying for them.