Larger owners tend to analyze market rents monthly or even weekly and manage rents (or incentives) the best way they can.As long as the owner is engaged, the chance of adjusting rents is higher.

Summary;  95% of all pre forclosure owners refuse to even talk about selling inspite of the empending auction. 

Ask to speak with some of their current owners and current/former tenants.

The problem is that you don't get an opportunity to do an inspection before you buy.If you buy pre-sale from the owner, you have arrears to bring current, getting the owner to move after you have solved their problem and taken the pressure off, along with the previously listed concerns.

@Walter PinedaEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Starting with an owner-occupied duplex is a smart way to build equity and gain experience.

While it might feel like an extra charge to tenants, these packages often provide value that indirectly benefits the property owner as well—like reduced maintenance calls or ensuring the property is better protected.In my experience managing a large portfolio of properties, these fees are becoming more common due to the thin margins in property management.

Call owners directly and send letters/mailers.  

I have a property that I could sell for somewhere around 400 K with owner financing.

This initial conversation before the owner has a property can be very educational especially if the owner is out of state or has never been to our city.