The other one that fell through had a judgement filed against the homeowner right after we did the quit claim with the mortgagor and were about to close and redeem the property from the person that bought it at the sheriff sale.That judgement terminated the mortgagor's (and therefore our) ability to redeem that property.The response rate on our marketing campaigns has been extremely low; south of 1%, in fact.Our campaigns include door knocking, leaving notes on doors, as well as mailing the property and new addresses of the owners (when applicable).  

I think all you need is a title company to close your transactions - no don't need an account at this time - most title companies have lawyers to close your transactions -You should make sure that you buy real estate at a giant discount - Understand the management process - learn how to be a good landlord - a tenant is a customer - the tenant is the person who will pay for your mortgage - treat them well.Find discounted real estate from landlords who find themselves in rent court -Start to deal directly with owners - I don't think you should depend on agents selling retail properties - you need to go under-ground for great deals -Tax salesPublic AuctionsRun print ads and radio commercialsInternet - 5 weeks ago I created an internet site - I have received over 200 leads - have 70 offers out there and 15 ratified contracts - learn those systems and you will do well.Expired listings - go knock on some of those doors - an expired listing is  FAILURE of property to sell - I am sure the sellers are not happy - go find them and solve their problems.Direct mail to commercial properties owners - commercial buildings can be  great profit center - when you advertise for real estate - signs - internet or mailings always advertise - WANTED REAL ESTATE - houses - commercial and non-conforming properties - all cash -as is - no commission.

Besides, once you put it up, it's going to be aggravating for the current tenant; in my example above, my tenant had several people knock on the door at various times asking if they could come in and see the place.

Mailers, cold calls, door knocking... whatever it takes to improve our odds.

Do I send a letter or knock on doors to inform tenants about how/who/where to pay rent? 

@Jason ParenteYou need to find an experienced CPA who specializes in real estate to help you asap before Uncle Sam starts knocking on your door.

Then lookup the owners contact information on the New Castle County Parcel Search and send them mail pieces (if you don't have the money for this than physically show up at their house and knock on their door), letting them know you're interested in purchasing the house. 

We've also just started a team that is walking neighborhoods, knocking on doors, and engaging residents in target neighborhoods to get deals even closer to the seller.

@ sarann door knocking baby, Face to Face is still the most valuable way to do real estate.

You will run into trouble if you slack with cost or schedule control, and I have paid my tuition in the school of the hard knocks myself.A project of that scope, in my opinion, would be a "barely worth looking at" project from my perspective having done 25 renovations, 17 of them total guts, 11 of them over 100k each.It is a personal opinion, and it is not because the money isn't to be made there.