Making Contact with a Property Owner

[Jared Brandon]

I've located a property that seems would make a great flip. It's on my street, been vacant for over 6 years, and the owner lives right around the corner. I've been hesitating for months on this because I'm unsure of the best way to make contact with the owner. I don't want to scare him away. I tried calling, but the number was no longer in service. I've been considering a letter, but is that too passive? On the flip side, does a phone call put him too much on the spot? 

I've been hoping to bump into him since I know who he is, but it hasn't happened yet. Would rather not stalk him :)

Any advice on the best way to approach this? What would I include in a letter?