Some of the reasons we like the Triangle are relative performance through the recession, general economic position and long term growth prospects.

I meant depreciate 2/3 of costs for building improvements. 

So she has not had any tenants in house as she does not want to be a landlord.What should I look out for, as well as what improvements should I look into to help attract good tenants?

For instance, in Texas we have the Texas Education Agency and you get can get all sorts of school accountability and performance ratings for all sorts of school districts and individual schools through out the state.

I sell re-performing notes and once I get them re-performing I usually offer them for sale at a 10%-15% ROI.  

It's in an area I am fighting to improve.   

There is a lot of Wholesalers (I will agree) who get into the business that have no idea what they are doing, and in turn, perform illegal acts knowingly or unknowingly. 

If there are no concerns about the property losing value or neighborhood turning, or maintenance issues, and assuming that the property is performing well, I would hold.Maybe you will find something you like better *as an investment* and that will perform better and reduce your risk. 

What are the ramifications should you own the note, aren't able to modify it/get it performing again, can't get the deed in lieu, only left with starting the foreclosure process, and during the process the occupant declares bankruptcy?

From what I have seen so far, this site has has incredibly awesome members helping others and improving their own lives in the process.May this new year be a prosperous one for you,Cloud