Also, as far as marketing; bandit sighs, direct mail, driving for dollars, knocking on doors, referrals & MLS, how do gather the information I need inorder to send out letter or make those urgent phone calls to those property owners?

No cold calling, door knocking.

Knock on their door and explain the situation and then listen to what they have to say.You may be able to offer them cash for keys so that you can get them out fast. 

Don't confuse your future real estate career with all that junk about wholesaling ---- you are or you will an investor ---- I use a system I built years ago --- called Control and Roll - how it works is you only deal with sellers who have a problem --- also known as "motivated sellers" - if you can't control that property for at lease $10,000 potential profit - you are wasting your time.Where to find sellers with a problem:Rent court - sit in rent court a few days a weekHousing court -- same as aboveHousing code violationUnsold TAX Certificate properties READ the Daily Record -- or the legal paper in your area - a ton of leads can be found if you know what to look for.Radio ads --- Wanted Real Estate - houses - commercial or non-conforming buildings - make sure all calls come to your cell - and remember to pick up when the phone rings.Public auctions - get on the mailing list of all the auctioneer in your community - attend auctions and meed some real professional investors - investors who are making lots of money.Classified line ads in all local papersProbate - be a profession - write a great letter to executors and lawyersRun ads in you local legal newspaperExpired listings ---- forget the letter - go knock on the door - find the owner - make an offer subject to assignment.Listings that have been on the market for 180 days or more - contract the owner (if you are not an agent) talk to the agent - make an offer.Form a syndication - everyone in the groups puts up $5,000 - they are all looking for bargain propertiesDeal with newly licensed real estate agents - they are still eager to work with you - get them before they get brained washed!

And use a seasoned realtor and hard money to try the hard knock version.

I am just not sure the cost of a new roof on this tiny freestanding unit, knocking a few walls down, etc.

go door knock it.. and see whats up.not many people let a 1.3 mil home go for 400k.. they will sell it. or file BK so they can sell it. that type of thing.

After closing, I knocked on the door and politely introduced myself.  

my dad always tells me this, when people sell you want to buy  and when people buy you would want to sell, its opportunity  knocking  your door

Knock on the door......be considerate, ask them about their plans, etc.