Approaching owners directly kept us from competing with hundreds of other potential buyers.

Unfortunately, a number of real estate players made a career selling a property on a land contract, and after collecting payments for 20 years claiming payments were missed and repossessing the property.

They watch their money grow as that discount property goes to rehab, gets clean, and is transformed such that it can compete with the other market favs in the area (like Princess Diaries).

Big metro area seems to have more opportunities in general.Cons: Bigger metro area also means more competition (especially larger players).  

It needs to provide what DD documents/information seller will deliver to you and what due diligence rights you have (ie length of DD period, physical inspections, tenant interviews, environmental testing, etc.)...along with a lot of other terms a competent attorney can assist on

And great arguments from different viewpoints that older books can't compete with. 

Get in a room where you are the smallest player.

Looking for a competent, responsive, ethical, hard-working insurance agent who can write in South Carolina.

If you find one that is vacant, expect to compete and pay a bit of a premium.

I believe you can use some of the losses but there are limitations. talk to a competent CPA.