I describe BP this way - it's the place where my girlfriend (@Brandon Turner) and I hang out.You're up, Darren :)

You can also hang onto the letters for 30, 60, or 90 days and keep reusing them - depending on who you are making the offer to.

If that is a no we ask if they have other investor friends who might have mentioned they want to sell or they would think might want to sell if approached.You need to ask open ended questions to possibly discover other properties or contacts instead of hanging up the phone when they say they do not want to sell the property you called about.   

They can instantly flip that 2nd in the secondary market for more than $6,000.Appraisal is the normal hang up. 

The local REIA is where folks who do a lot of deals hang.#1 you need to learn what does a joint venture look like and its variations?

It's a little overwhelming at first but you'll get a hang of it the more you're on.

Hang in there and learn all you can on Bigger Pockets..

@John Kaftan the plan is to meet at Coleman's at 7 (I think) and hang out, have a few beers, and dork out about real estate for a while.

To me the ROI isn't there.By your own statement, if you don't have resources then they aren't really options.Anyways...Here is a 3rd alternative, take $2k and get your RE license and hang your hat somewhere with a low co-commission cap like $2.5k or lower.

@John Van der Kieft, may I ask who do you use as a broker to hang your license with and what are the costs?