Also, for those of us who haven't built relationships with the main REO players in our area yet, would it be a good idea to just start making lots of lowball offers on REOs that we find on an MLS website like realtor dot com, or is that too scattershot of an approach?

I recommend finding the active players in your market via the REIAs, here on BP, meet ups, etc.. and pick their brains about what does and doesn't work in your specific area.  

Here is a great blog post written by @Joshua Dorkin on assembling a team and the key players you should acquire.  

Seems to me that building is more for the institutional players that prefer Class A properties for the lower risk and don't mind the lower returns.    

The below article also notes that big investment in the strip is back with major players picking up where they left off in 2007-2008.

The equity partner forms the LLC and the debt player issues a promissory note to the LLC.

Hi my name is Manny Ramirez ( No sorry not the famous baseball player).

Maybe I'm crossing too many players that don't talk to one another.Thanks for any help.

The last 12 years I have dedicated myself to my most recent job and have been a large player in helping that company grow and all I have to look forward to is a retirement of social security.

The judge always presumes that the landlord is wrong, and a lot of player tenants take advantage of that.