Having a Pre-approval letter or better yet a loan commitment and a Banker to call and reassure the sellers agent you can close in 30 days or less also offers a huge advantage.In this market using a DPA is not a bad idea since rates are high and when they drop you simply refinance for a lower rate and payment. 

I can see this being fruitful and less expensive than trying to mail out letters.

To be successful, your property very likely will need to abut to your proposed zone.You should research if the town has a mixed use zoning which may fit your need the best.

@Micheal RobinsonWhat you describe is a mixed use property - retail on the bottom and residential above.

We spoke to each tenant and gave them a letter explaining our potential plans. 

You may get a couple more letters, one from the old servicer and one from the new servicer, if that has changed.You are the trustor, so nothing changes for you.

Direct mail has a very low response rate and I mostly just see the big boys who are going 7 figures do it, who don't mind spending 10-20k+ month on blowing out towns of letters/postcards.

Our rental is paid for and has rental income of $2200 month and our primary has a mortgage of $1800 so we are currently living for free basically.we have a credit line on our rental for $275k and recently got a letter from our mortgage company offering a cash out refi on our primary of approx $300k and still be able to keep our current interest rate on the remaining balance of the mortgage which is mid 3 %.We are trying to grow our rentals and struggling to figure out the best way to do that.

., the mixed use part throws things off

There are mixed opinions about this topic online.Any insight on this would be much appreciated!