They both sold within 2 weeks though, so I can't be too bummed that I put more into them than I needed to.And I would say the biggest surprises on the second one were a result of the neighbor down the street (dubbed "Drunk Bob" by one of the other neighbors), who had done a fair amount of the "improvements" and really just wasn't very good.  

What other posters fail to mention is FRAUD BY INDUCEMENT among other things.

@Jonathan Vese While you may know people who have engaged in fraud and gotten away with it - make no mistake - if you lie to somebody in order to obtain their money or property or to induce them into giving you money or property that is fraud.

If you have a really good piece going to a really good list you could meet or exceed that, but also don't be bummed out if you are like 5-10 rather than 50 calls.When you talk about 500 letters are you planning on having a list of 500 and mailing them consistently or are you going to have a bigger list and mail out 500 a week until you hit the whole list?

I've had a few bum tenants but by and large have gotten some good ones.

If you are buying a property with tenants, you can INTEND to live there all you want, but other legal issues, tenants rights, damage construction, tenant induced code violations, etc. can prevent that from actually happening.While you are trying to follow through with your intentions, your current lease may be expiring, leaving you with no other choice but to find another place to live, and that other place may be the purchase of an empty dwelling that you can move into right away. 

Thank you for your thoughts.I am soo bummed as I was looking forward to meeting Tim in person, not to mention grubbing on some tasty burgers.Guess I will have to go to the one down the street from me for that.Call me from your cell when you are there, perhaps you can place me on speaker and we can talk while you guys are there.

It's not like the OP cashed out everything and has no equity in their properties - this would be the bubble-inducing practice that many individuals in the other camp were warning about. 

I get leads out off my bum.

HUD does do repair credits (aka inducements to purchase).