The odds of hitting an owner at the exact time they are motivated enough to sell with a direct mailing piece are very low.

Frank used lot rent (not home rent) and used 40% expense ratio (0.6) which gives a reasonably low offer price.  

Some rent for storage. 

I have a few low value REO's in a portfolio in a few different states that I am looking to liquidate to minimize losses, anyone know of any creative ways I can get these off?

It's costly and the ratios are low (like 1 deal per 1000 mail outs), but it's effective enough to do.

and job stability and former verified LANDLORD REFERENCES            ( check tax records to make sure you are talking to the property owner NOT a tenant prospects cousin.Ok,  THE SUMMARY :                                      LOW RISK & COMMON SENSE1.

My thought was also that the $100K to gut and rebuild sounds low.

That was without even trying for low cost deals.

(We went into contract at a price lower than their original asking price and their argument was they thought because we were purchasing it so low they I wasn't getting a commission?

Xero has come out with a self employed version (think it is free or low cost)  that makes it super easy to swipe one way for personal and one way for business.