The phone calls are coming in, Now what?

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Ok, so I have found a method to get the calls coming in and so far about half are motivated sellers with equity. My issue is that none really seem to be the sweet deal I would like to jump into first. ie, they dont seem to have enough equity to make sure of at leasst making 10k on a rehab and retail which is my preferred investing method at this time. I have run into several that i would think would be good if the bank would accept a short sale on them. (doesnt need to be alot in some instances.) I wonder if I am being very over analytical (which is a bad habit of mine) on these deals and am just not seeing the potential in front of me. Guess I worry about jumping out there and getting hung which I really dont want to happen. I understand the buy/rehab/resell plans and I understnd the short sale concepts and dont have any real idea about sub 2's. Any words of wisdom on these issues. I guess some of my concerns occur when I see a proeprty and I say it could only be bought for x dollars and it sells for 10K more. I wonder what I missed or if someone is really screwing themselves or they know how to make the deal work better than I do.

Sorry for the rambling post. I like to hear others ideas and see if I am missing something that would help get my incesting career off and running.

PS. I guess my biggest hangup is knowing if I have valued a property correctly. I have access to the MLS and understand the CMA process but alot of the time I dont know alot about the neighborhood and I wonder if it is a bad idea to rely on MLS comps without having the comfortable feeling in an area. I have one right now that I just dont know about. It has good equirty but is priced such that it could be a real pinch if my comps are wrong. It would have to be a HML to buy and those rates are pricy if you have to wait 10 months for a house to sell to break even if you didnt figure comps correctly.

Thanks for reading and posting any advice you may have.

Scott
Playa Norte Interests