Be on the lookout for people close by who might be considering selling.By creating this map, which took all of about 5 minutes, I am able to capture names and other critical information.

There's advantages and disadvantages, but sometimes your local market kind of forces you to invest out of state - or in my case, out of country :)As others have mentioned, forming a good team is absolutely critical.

@Bob Yon  ..Def agree with @Joe Gore on this one...I don't like doing business without references..Due Diligence critical on people and property..

I don't believe your credit score or cash on hand is critical - although HML will want to see that you have some skin in the game - if you had a high credit score and a bank roll, you wouldn't need the services of a HML.

It is critical, though, that you are clear up front with the seller with these so that if you do have to exit the contract he/she won't feel cheated or used.  

Would you mind checking my analysis? ARV and rent + plus my max offer price?I am preliminary looking at places. I really like this house because of location and awesome schools. Think it could definitely see some go...

Having MLS access is critical, so you are both on the right track.  

See listing and critique away (I like constructive criticism!).

I recognize that time is of critical importance but when a property is in this situation are contract assignments even allowed? 

Look forward to hearing all of your comments, criticisms, etc.