And as far as the most fished lake I would have to say the Chequamegon Flowage where the panfish and bass are abundant.

You're like me that I don't have an abundance of these. 

Short sales are used when there is an over abundance of foreclosures in the market.

I mainly focus on houses but land is abundant. 

Lots of people will lose their homes, making short sale and foreclosure opportunities abundant.

Fat fire (abundance) is not our desire but YMMV.

(I find that they are not always the most abundant on the normal listing sites)and finally what are some of the unexpected pitfalls that people fall into when attempting a plan such as the one I have laid out?

I shouldMention there is not an abundance of lots in this area.My exit strategies would be:1.

Mostly for wood destroying insects (because they are SO abundant in Indy) but used them for mice as well.

As others mentioned most class C value add investors target IRR of 15-18% minimum but with the abundant supply of capital and competition these days we are seeing lower return thresholds for some investors.