Why buy a note when I can buy property? Will I have something to show for my money?

When you buy the property, you are responsible for the repairs, maintenance, etc. With a note, you collect the payments and do not have to get your hands dirty. You control the property without the negatives of owning the property. Another advantage of owning paper over property is amortization over appreciation. In these volatile times, real estate amortization is a much more secure position.