For those who invest in mortgage notes, what has been the most challenging part of finding, evaluating, or managing your investments?

I've been interested in learning more about the practical side of note investing, particularly how investors handle the differences between performing and non-performing notes.

For example:

• Finding opportunities: Where do you typically source mortgage notes, and what has worked best for you?

• Evaluating risk: What information do you consider essential before purchasing a note?

• Borrower payments: How do you approach a note when payments become delinquent or stop altogether?

• Property valuation: How do you determine whether the underlying property provides sufficient security for the investment?

• Exit strategies: When a note no longer fits your investment goals, how do you decide whether to hold, sell, or pursue another resolution?

For experienced note investors, what lessons have you learned that made the biggest difference in your investment decisions?

I'd especially appreciate hearing about challenges you didn't anticipate when you first started investing in mortgage notes and how you handled them.