It doesn't need to be fancy. 

Isn't that just a fancy way of saying that as you make more money you should invest it?

That is a fancy neighborhood that was developed more than ten years ago, way out of town. $1900 a month rent means that that house is not one of the million dollar mansions out there.

Within the past year the houses in the neighborhood have averaged about $120/SF with no fancy bells and whistles inside the homes.My idea was to find a way to contact the owners and see if I can offer them a max of $150K (previous offers of $120K have been provided and turned down).

You can just write one up your self too, it doesn't have to be anything fancy.  

It's a fancy name for bird dogging.  

Additionally, when I do a search for this attorney, he apparently fancies himself a real estate guru.I really wish people would quit posting stuff like this - it is really misleading and clearly no research is done what so ever on the original article prior to posting.

Ok so the floors in the bedrooms have some water stain , now once you put a bed in , a dressed and a couple night stands and the renter leaves some clothes on the floor , they will never notice them .  

Nothing to fancy, just simple.

It sounds like there will be alot of common area space in that building.I'd check utilties closely if it's anything like the schools I attended, huge hallways, kitchen and dinning areas, library, school offices, dressing areas to the gym, etc.