Random...Either a great idea or a BUST! What do you think?

[Jamie Wooley]

First off, I am sure I am not the first to think about this and it may be being done everyday.  

I have thought about this many times and would like you to chime in on whether you feel it would work or be a complete waste of time.

Expired Listings: I have access to these as an agent.

My thought was to knock on these property owners doors or send them a letter with the following....I will purchase their property Cash and pay to fix it up to get the highest market value. Then once the property was rehabbed and sold compensate them in some way. I don't know if a JV 50-50 split would work well or if their is a better option as in a percentage of the sales price.

All comments would be helpful, thanks!