And you will generate tax free income from the note (except for the interest portion).

He also told us earlier while we were looking around, that the heat pumps were 10-15 years old which leads me to believe they could actually be the reason for the high electric expense. 

I did have one lead that I was going to negotiate a short sale with the bank but I could tell he wasn't being honest and upfront about somethings but I still was going to see how I could negotiate a short sale (with no experience lol).

This will likely lead to you being blocked by the Co-op board from purchasing any additional units due to the fact that turning the Co-op into a rental building will devalue everyone else’s units.

I am thinking of using that for a 20% down to generate some positive cash flow. 

Which actually leads me to my next question.

I could probably setup and optimize lead generation funnels for acquiring various RE leads (eg. foreclosure leads) worldwide.

Most of the value add B and C class apartment deals I see generate a 25+% total deal IRR...and that is split between the sponsor and the investors. 

Also, is there a good website to get leads from other than listsource?

You have to lead your business and pave your path, instead of your job paving the path for you.Being an agent also has it's perks, you have no ceiling of the money you can make.