I remember reading an article on here not long ago, can't recall the title, but the main idea of the article was that with direct mailing campaigns, you can expect to receive about 5% of the amount of the initial mailing to contact you and that you will only close on about 2% of those deals.

Ok, now that you have taken your initial step, below are some quick links to get engaged.http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

When you say you are 40k over budget is that over the 60k you initially estimated (Making the reno a total of 100k)?

Initially I was wanting to get a snapshot of their finances to see how likely it would be to work out something with the borrower.  

Initially, I'm looking to build capital through wholesaling, and flipping.  

Effective Date: 11-25-1969 5313.06 Notice of forfeiture.Following expiration of the period of time provided in section 5313.05 of the Revised Code, forfeiture of the interest of a vendee in default under a land installment contract shall be initiated by the vendor or by his successor in interest, by serving or causing to be served on the vendee or his successor in interest, if known to the vendor or his successor in interest, a written notice which: (A) Reasonably identifies the contract and describes the property covered by it; (B) Specifies the terms and conditions of the contract which have not been complied with; (C) Notifies the vendee that the contract will stand forfeited unless the vendee performs the terms and conditions of the contract within ten days of the completed service of notice and notifies the vendee to leave the premises.Such notice shall be served by the vendor or his successor in interest by handing a written copy of the notice to the vendee or his successor in interest in person, or by leaving it at his usual place of abode or at the property which is the subject of the contract or by registered or certified mail by mailing to the last known address of the vendee or his successor in interest.

Amounts will be disbursed on the purchase and initial material costs advanced, then the rest will be on a draw basis.

You have to explain that you gave some leeway initially based on the promise of being paid, and that has now been unfulfilled so time for them to cover the rent. 

Ridiculous.My suggestion would be to keep it more conversational on the initial call and ask more open-ended questions.  

It scared away so many people at its initial viewings...saved for us!