Bank-Owned Wholesaling?(REO)

[Morris Lucas]

Have many of you had success wholesaling contracts or flipping houses from banks, via MLS or off the banks website? I have heard the best wholesaling deals come through marketing via repeat mail or internet directly to homeowners, however, I would imagine if you make enough offers(lowball) on reo's you would be able to "create" your own deal to market. Downside i guess would be more earnest money at risk and having to pay realtor fee's to whatever agents the banks use.
If you have used this strategy would you mind sharing your story and what bank you dealt with? pros, cons?
There are a few vacants i came across driving around the last few days that are bank-owned that I would like to investigate.