You did not screen these tenants and don't really know their background outside what the seller told you who had motivation to paint a bright picture to sell. 

I look forward to meeting motivated mentors in the Waukesha / Milwaukee area. 

Motivated me even more to become a realtor (as an investor, fix and flipper) as proper exit strategy would have been different for this deal What made you interested in investing in this type of deal?

The investor would be getting 60%/70% of nothing for the first 2 years and equity is not too big of a motivator IMO, unless there is value add potential.

The first thing I was taught regarding how to find a deal was to look for a "Motivated Seller".

Mostly from motivated homeowners, and bank foreclosures, which I understand and expect many of those to be in bad condition. 

@Chris Seveney  thanks Chris the reason I ask. is this:I often wonder what the allure to wholesaling is for all these beginners on BP.. when in fact me being in and around this business for 4 decades I know you could not pick something more difficult to do than wholesaling.. and some get on here and have significant budgets to throw at it. 5 to 10k a month and they are just starting out so My thought was instead of wasting that kind of marketing money.. they could be buying a note a month.. and you validated that by saying notes are 5k and up to 20k.. at least they get something that they can actually do something with ..and the seller is motivated to sell.. not trying to talk a burnt out landlord or older folks into giving away their home then trying to talk a sharp investor to paying more than its worth :)… plus most of these wanna be break into the business wholesalers at the end of the day just want cash flow at least that's what they say.. so why not do what your doing.. find the notes.. buy them work them out.. cant be any harder than talking some seller into taking a low ball offer.. then get the cash flow which is what they are after at the end of the day ?

Your post has lit a fire in me and has motivated me to go ahead and "take action".  

It's good to read awesome stories like this, keeps the rest of us motivated.

Very motivating