My point was that some wealthy people already made their money elsewhere, and they want to put it into safe blue chip RE.

Wealth is made when buying at the right price, not when selling or holding cash-flow.Step 4: Do not pay more then what its currently worth no matter what terms they offer.

I am looking to bring awareness to the subject of wealth. I

If you are going to own it until you die, your basis doesn't matter and you might as well have them gift it to you now.If your parents are wealthy or the property is worth more than $5 million, then the trade-offs are more complicated due to estate tax and gift tax considerations.

His writing and thought process remind me a lot of Ben Leybovich Kahn Academy has a great section on Finance that can explain the basic principles: https://www.khanacademy.org/economics-finance-doma...I wish i could have just watched all of those videos instead of sitting through three semesters of intro to Econ and Finance.Lastly, I highly recommend the Millionaire Next Door.https://www.amazon.com/Millionaire-Next-Door-Surpr...It won't tell you exactly what to do and the data is a bit dated, but it will totally change your perspective on what being "rich" is and how the majority of truly wealthy people make and keep their money.

The decision isn't yours to make,it is the rightful owners of the property who must decide whether to get a kick in the teeth or not.Is the owner wealthy and not concerned over the other empty properties you haven't filled yet or are they breathing down your neck to get the rented?

However I have never done one for multifamily (the asset class I jumped to this year), many of these mailers will be going to law offices, and very wealthy owners and I am hesitant to send them a pink envelop with a cute stamp and a chicken scratch yellow letter inside....Does anyone have experience in marketing to larger multifamily owners?  

This sounds like something a doctor or other independently wealthy person might do, to leave to his children as investments. 

Nice place, however not much for industry/business at all that I can remember, primarily vacation homes and retirees, all very wealthy mind you (likely a lot of 1%'s in the area) but I'd think this place would be much higher risk than a city with more economic activity going on than tourism and snow birds.Id guess it's over priced at a 6 cap and you could do much better somewhere else.  

Being rich is having a lot of money but you still have to work, building wealth is having financial freedom in which you have money coming in without having to work.Rehab give you a large amount of money in a short time, but you have to have a system if not you would have to work hard to find those properties to flip.