You can buy the note real cheap, foreclose on the property and rent or sell. ...Another alternative is buying the note at a discount, doing a loan modification with the borrower (so that the borrower is able to perform as agreed), and then collecting cash flow from the modified loan.

How are you modifying your expenses?

@Jordan Dzubak we played with the idea of getting something at the Lake a few years ago, but ultimately never pulled the trigger in large part because so many neighborhoods were modifying their C&Rs to prohibit short-term. 

You can always modify the spreadsheet to goose the repair numbers with what you want as the capex number, but I'm not sure that's necessary.  

These rules, which include a requirement that sellers set aside a portion of the purchase price for buyer-agent commissions, prohibitions on modifying the commission, and permission to filter listings by commission, all enable NAR, its co-defendants, and its members to maintain buyer-agent commissions at supra-competitive levels unrelated to brokers’ experience or the services provided, steer home buyers away from lower commission homes, and drive out discounters—among other harms."

.--- Perhaps they will agree to modifying their lease to increase their rent to basically pay you back over time.

I like to change things around (such as modifying the ROE in your case) so I can compare apple to apples.

Or I let each PM modify the listing I own?

There is not a separate document needed to purchase real estate, but there are often addendums to the contract which may modify the original contract. 2.

The plans Can be modified slightly to convert the primary room of a 4 bedroom unit, to a 3 bedroom with an attached ADU.