And in the case of landlord/tenant relations , past performance is a good indicator of future behavior. 

For me- boom areas are like going 'all in' in poker.

It can take awhile to get them out which causes you to lose money with non-performing units.

I can tell you it seems like every day people say they can finance some of these things, and when they get down to it, they can't perform. 

Successful fisherman know that 90% of their time and effort goes into planning and keeping equipment ready to perform and not actually hooking or reeling in the catch..often closing on a popular or active vacation rental (often in a competitive market) happens along the same lines (no pun intended).

All of these were done prior to really having a true interest in performing any business transactions.

With my 15+ years experience, I can tell you that most new wholesalers fail because they do not understand fully how to properly and LEGALLY perform the wholesale transaction and there are a number of ways on how to do it legally and ethically and even more ways how to do it illegally and unethically.

I had a tenant once say he's a professional poker player, plays poker on the internet and gets paid from an offshore account, but he said he doesn't include much of that income when he files his taxes, he wanted me to trust him he could make the rent...I now request the annual 1099 (equivalent to W-2), certified copy of IRS-1040, and letter from accountant (preferably CPA) which should state nature of business and income holdings, annual income expected for current year, amount of annual personal income applicant takes from business, and bank references, credit report, etc.

hello -  asking for recommendations on where to find 1st position non-performing notes for SFR's, any state. 

I understand setting up layered companies between those that are performing service work and those that are holding assets, etc...as well as forming contracts between various LLC's for services, etc.