Right now I see starting off locally as almost imperative because it allows for easier qualitative observation of the property, easier management of the purchase and sale of that property, and easier management of the property itself.

I would imagine at the time I am ready to bring a deal I am knowledgeable about how to close it with meeting lender requirements,by either observing an experienced syndicator/having a mentor.

But eventually, somewhere between Deal 1 and Deal 100, patterns will start to emerge.Finally, call up those local wholesalers who don't suck and discuss your observations with them.

If its 5 bucks probably not,,,JUST a observation. 

But I like your idea of visiting/observing others and researching ones for sale.

Your analysis provides a clear perspective on the potential risks and returns of such investments, particularly in terms of the associated fees and realistic expectations of returns.I'm particularly intrigued by your point about the educational value of observing how fund managers operate. 

Astute observation Anthony one only needs to look at rural CA OR WA logging and fishing towns.. to see areas that have been in steady decline for decades.. they have not dried up completely but not a lot going on and 20 to 40% unemployment..  

and maybe you'd see more opportunity.Mind you, that's all observation, and not backed by any specific data I would point to.If you and your wife are looking to buy in the beach areas, there may be some opportunity. 

He's one of the sharper guys I've observed, and seems to have a really good handle on most aspects of this business.

My initial observation was that the hard money guys understood real estate, people's motivations and were generally better prepared to weather the economic cycles.