Strategically I would try for locations very close to new development so you get the full effect of their coat tails.

In california Off market ... the simplest being just driving or walking around looking for the tell tail signs of a distressed property and then contact the owner(s) directly via mail or knocking on the door to inquire if they need or want to sell ... if yes, then try to make a deal.

Over supply and developers are getting stuck holding the tail units.  

There are apparently still some good deals, but I'm worried this might be the tail end of another, albeit lesser, bubble.

Work hard and don't just ride coat tail.

Alternatively, this may just be a way for them to cover their own tails - lawyers tend to be very conservative about these kinds of things.

It is not easy for sure, but it is what gives you the investor edge on the market and tilts the odds dramatically in your favor ... heads you win big, and tails you win small, but the house always wins and you are the house.

I believe you should have them sign a new lease that way you can fix anything you didn't like in the previous owners lease and you can also cover your own tail .2.

So, with relatively no/low holding costs, we have been able to be very profitable in our first 2 years in comparison to the "average job" in our area... mind you we work our tails off.... our entire lives are on the line for this, as well as our 3 kiddos that we only pray someday inherit a successful, profitable business if they want it.   

Still think it can be done, but man oh man will you have to work your tail off to make a living wholesaling (I do, and every other successful wholesaler I know does too...) or spend a lot of money to flip.