I have an opportunity to take a stake in a $1M flip in Miami.   

I feel like that would be undercutting them by taking away their opportunity for a percentage of the deal.

Yes, the house may rent for $1400 and cost 200k, but are there other opportunities to get more rental income out of the property?

I’m fuzzy on my intended down-payment here, but to me, the most important thing is that the numbers work.

snow to wet.and many others but you get the drift  no pun intended..

At the same time you typically will NOT find rates for fixed rate mortgages.Since you specifically mention "private" notes, I personally believe public records are what you actually want, and the best opportunity - why buy stuff other buyers or servicers don't want when you can go directly to the source? 

To me it was a no brainer - had I focused on dollar per door I wouldn’t of been able to see this opportunity.

As a new investor looking at a few BRRRR opportunities in Tulsa, OK, this is a great thread to follow.Thanks so much! 

I told him I can purchase the property as is, no need to fix anything. he told me he can't sell the property with that type of problem. im not sure if it has something to do with legal issues or if he just does not want to sell until he fixes that himself. the conversation didn't gave me the opportunity to ask this question at that moment.

That could be a great way to stay engaged with local investors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors in your area and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your journey!