As a few people have mentioned the property is in desperate need of a large cash injection.

Just to get the listing.Many real estate agents leave desperate sellers hanging just as some wholesalers do. 

I discussed with a local real estate agent and he said there is a desperate need for good property managers in the area (which is surely true of many areas).

@David Leesurier thats great advice, not sure if im the point to just start knocking on doors but i will keep that in mind incase i get desperate or change my strategy.

Once again, everything is negotiable, so if you're purchasing a property and find some item that is in desperate need of repair that you weren't aware of before, you can attempt to negotiate a lower price or the repair of it. 

Any seller who isn't desperate to sell can probably find a buyer who *IS* willing to come with at least some cash.Second, you need to be able to instill confidence in the seller that you will be able to follow-through on the purchase of the property (or find an end-buyer if you're wholesaling).Focus on those ways to instill confidence:- Improve your negotiating skills- Provide some examples of successful deals you've done- Bring in a partner who has been successful to build your image

Contractors who give rock bottom prices are usually over night, start up, or desperate.

With your strategy only agent's that will be working with you will be newbies who are desperate for any & all business.

I guess I sounded too eager, or maybe too desperate. :-)

Or is it possible that a seller could be that desperate as to accept a bid 30% below asking?