@Eric B.
I recommend against using bandit signs, there are countless other legal avenues to pursue to find both motivated sellers and cash buyers. Furthermore, lead quality off bandit signs tends to be much lower overall and you will have to weed through numerous tire kickers. Especially where I am at in TX, there are so many bandit signs plastered everywhere they are little more than visual noise at this point.
You can find a buyer without having to resort to bandit signs. For instance, there was a house that I looked at that wasn't in the best section of Fort Worth. The tax assessed value was only $15,000. Prior to confirming the appointment I checked the MLS and central appraisal district for recent cash buyers in the area. Because I was a bit uncomfortable with the housing product and area, I wanted to make sure I could move it. For the cash transactions on the MLS I called up a few realtors who acted as the SA for transactions in the area settled in cash. I confirm the end buyer was an investor, and offered them 3% on the CDA as a referral fee (I am a licensed agent as well) if they bring me an end buyer. All they have to do is make a phone call and they can often get $1,000 or more, but some realtors won't even do that because they are so lazy (but that's another story). If you do not have access to the MLS, and do not want to get licensed, start forming relationships. You should easily be able to get MLS access in exchange for the leads you will be able to provide.
Good relationships with buyers are forged here on Bigger Pockets, REIA meetings and by getting good deals. I posted a property on myhousedeals recently and they had the option of "blasting it to their buyers list for only $200". Save yourself some money and start building some lifelong relationships instead.
Remember real estate is a local business. For instance, with my example house, I thought to myself who in there right mind would want to buy an investment property here? Turns out, quite a lot of people, some investors specialize in these type of properties. You just have to be able to find them. And that leads me to another point. Don't try and apply the 70% rule to everything, it won't work and you will lose deals by not offering enough. Find out what is considered a deal in the area of your subject property. Get a better price than anything recently sold in the area. Sometimes that's 70% ARV, 65%, 73% or even 85% in sections of CA.
The point is again real estate is hyper local. Find out who your local players are, what they are buying, and where they are buying and you should be able to find them in the sections of the city that you need.
Hopefully this post has been informative, if not a bit long winded.
