Your clients would need to go take a look, and write up an offer by a certain deadline potentially.

I can't speak to everything you wrote about, but if I were you, the first thing I'd think about is your potential to expand.

I am ready to start cold calling, as well as handwriting and mailing lawyers as I gather potential seller info, but I don't know how to start the conversation. 

The sole reason for the post was to simply start to build a list of potential buyers.I was contacted by a lady who has good income but she cannot get a loan because it's 1099 income.

You don't want obstructions, but the trap will prevent any nasty sewer smells from coming up the sink.

Numbers definitely don't work even if I were to potentially refinance out of it after a year.

I am a big fan of preventive measures, but is this something I should really jump on right away?

A lot of this you'll begin to understand after watching/listening to podcasts or reading books/blogs/these forums.When you hear something that could lead to a potential deal, follow up on it immediately.My last deal came from a dinner with a few other couples.

We are pretty leveraged, but each purchase had some built in equity and has potential for decent appreciation and will cash flow well.  

In the unconventional lending world there is no specific period you are required to wait to be able to refinance based on actual appraised value, which means you may be able to refinance and cash out your original down payment funds and potential lever equity immediately following rehab completion and tenant placed.