I think a cultivated partnership will bare much more fruit in the long run then the quick hunt for a "mentor" but everyone's learning style and goals are different.  

Deals can be found but this isn't a low hanging fruit market. 

A handful of organic fruit and/or nuts, fresh picked!

It seems like tainted fruit. :)

That said, most areas are well off the bottom and the easy fruit is long gone.

Stanley.I think BP book, Low and No Money down is another great start to get your investing juices flowing and to begin looking into strategies you may want to utilize.  

If you do get it back, the property could have significant damage as well.I like that your thinking creatively, but the pain & costs of getting bank loans plus the 3 huge risks above, would turn me away.Owner-occ loans are also highly regulated.Keep those creative juices flowing, Trevor!

As @Larry Im mentioned, the low-hanging fruit (absentee owners) are getting tons of mail.

(I own an auction company - you should have a running agreement with a local auctioneer so that when you do the next one you are ready.)You should be able to flip your controlled property from contract to settlement in nor more than 7 weeksAs for the tenant - sure it is OK for the deed owner to give the tenant notice to vacate - probably  good idea if your assignee is going to live there.The most important thing is that you are controlling the property at a discount and that there is enough juice (equity) for you to make money!

Montgomery County and Fairfax County I generally like for appreciation (Not like the super juiced kind of DC, but still better than average) in areas like Fairfax, Rockville, Silver Spring, Herndon.