My advice would be to find a great asset and match that with a strategy that is a bit more work to break even or eek out a little cash flow.

If anyone tells you that you can get 15% cash-on-cash it's either a scam or ultra high risk. 

You can still easily find the 1% rule and positive cash flow and there's amazing appreciation potential.

Good Morning - 
My realtor came to me with an offer for an FHA loan but they want to move in this weekend.  I haven't accepted the offer.   This just seems like it puts me in a potential bad situation if something goe...

You have highlighted the advantage that local investors such as yourself have over national buyers such as hedge funds who are the largest buyers of non-performing mortgages. 

- If so, 1031 into something bigger and easier to manage and then when you pass, the inheritor receives your property(s) at a stepped up basis - subject to Inheritance Tax limits.Otherwise, sell one every 1-5 years when you need the cash, so you can plan expenses to offset capital gains.

The easiest way to find and connect with wholesalers is either bigger pockets or by googling "sell my house fast in (town name)" although that may cost them a click for google ads.

Like you're pointing out, it's nice to find a location that's early in that cycle.For most STR buyers here in Colorado, your motivation better be as-much-or-more to have a place to visit in the mountains because you're cash-flowing a little but nothing spectacular. 

Full disclosure: I am a flat fee Broker.If you find the right buyer, your total listing/brokerage costs could be approximately $500 (assuming the buyer doesn't have an agent, or the net price after their buyer agent commission meets your goal).

How did you find this deal and how did you negotiate it?