Grandma and Grandpas home that is paid off, hasn't been lived in for 20 years, kids and grandkids had good intentions, but got tired of paying taxes, didn't think they could sell it in such poor condition, and finally just let it go or move and don't leave a new address for the tax bills, so they go unpaid. 

If you had to make a choice between replacing a flat tire on your car, of filling an empty gas tank, which would you choose? 

That wasn't due to any expertise on my part - I was so sick and tired to managing the property managers and paying attention to the investments that I just sold them all and made money. 

I never get tired of listening to Tom Wheelright.

I have not spoken with these owners and do not have information on rents, operating costs, conditions, etcThe goal is to present a ballpark figure via direct mail to gauge interest, initiate conversations, reduce tire-kicking, and have more productive conversations.What is the best way to approach presenting a preliminary offer to a multi-family property owner before having spoken to them?

Or you can get the expensive house, and enjoy it, but you will not be able to invest as much money, you will have to work harder for much longer, and then when you get tired of the property, or need to move, you will have nothing to show for it aside from however much it has appreciated.

@Gregory Larson - I'll add a few scenarios to @Jay Hinrichs' list:- Tired landlords who want cash flow without tenants or property ownership.- Sellers wanting to take advantage of IRS installment sale rules to defer and possibly minimize capital gains (IRS Publication 537).

South Florida became a hot spot for many of us that were tired of the cold and restrictions placed in our cities and areas upstate.

This is a fact of life but also a signal that you need to kick the tires hard.Have you visited this area in person? 

Eventually, they will get tired of rehabbing and flipping and they will become private money for you to buy deals with in the future.