I look at (and end up with some) properties all the time that are essentially failed flips, where the flipper ran out of money, energy, or missed their profit slot. 

Engelo and I ended up talking on the phone and he has as much enthusiasm in the day to day as he does in his interviews (a lot of energy that dude has).

Both of these markets seem very attractive and especially resistant to overall economic downturns.

But, typically I've noticed many of the residential buyers base their purchase on their needs and can let their emotions get the best of them.Both require you to act in the best interest of your client, but there is much more black and white on the commercial side where numbers really drive investment sales pricing and can be influenced by micro and macro economic factors.If I were fresh out of college and living at home I'd get started on the commercial sales side.

It's just economics.2.

2) If seller's agent was blowing smoke then walk.3) Don't waste time and emotional energy on it in addition to losing a few bucks.4) Focus on the next deal instead of the misery of this one

I am also very interested in understanding if the above can be done in states where I do not reside because the economics in the state that I do live in (NJ) are not good in accomplishing the above objective.

These lists, if you're interested in trying them, are:- 75-100% equity with owners over 50 years old- tax delinquent- code violation...particularly overgrown or junky, multiple/long standing issues (this is a time/energy intensive list for me, hopefully your city's site is more user friendly)- recent arrests (sent out Wednesday, believe it or not I've already gotten a call back)Good luck!

Fresno seems to have decent cash flowing multi family properties (at least on paper)  Thanks, yes Fresno is also high on murder rates and low on economic development, so be careful and do your research.Personally, long-term I still like Oakland and the East Bay, but I believe these markets peaked late last year and prices are currently flattening or are on the way down...your timing is critical.Here's the current cycle for MultiFamily, that shadows SFR most closely:

This still have the personal feel of the letter, but will save you time and energy on the letters.