I got some pretty good applicants (at least on paper) on my first time showing the house.

not sure that gives you a leg up ... this is usually the first step towards a foreclosure.So unless you can buy the paper.. or find a semi private lender who is hiring these folks and may sell paper... other wise it will be a short matter of time when its all public record

Do a paper assessment and put their property under contract.

Sounds great on paper but may not be realistic?

I know that real estate has the potential to build incredible wealth both on and off paper and I want in on the action! 

As you drive through a neighborhood you may see the trees swaying in the gentle breeze or that paper cup blowing down the side of the road or even that sharp car that just zipped by you, but are you noticing the things you need to be noticing?

And far as the buyer goes am I just asking for enough earnest money from him/her to cover the title and paper work ($250 or so) because when I give the buyers earnest money to  the title company they use it to pay for the title search and cover any additional fee's, then they will call the buyer and the seller and tell them to come down to the office and have the buyer pay at that time and close? 

Well no, you could always carry around some paper and a pen to write your contact info on.

When you do it for one location write out each step on a sheet of paper so that when you are done you have step-by-step instructions that you are going to use to go over to Fiverr.com and hire somebody to do it or all the other locations. 

Now that the property is rented, all the windows have black paper covering them inside so nobody can look in.