If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.5.

Mail takes money but it has proven effective IF you get good lists.While Absentee Owners with Equity have been the most popular for years, the problem is that too many people are mailing to the same people and selling to each other.Consider working with a list broker who can make better suggestions for your market. 

You can get them cheap on Amazon.After you've got through stuff on what you need vetted and published by proven sources, go to the Internet, go to YouTube.

If you define what class of property and neighborhood is right for you and what your criteria for financial returns is, it will be very simple to recognize a deal for you without all of the hand wringing and angst. 

@John Gach In general there are 2 loan types in the investment world:  "Conforming, Conventional" and "Portfolio" loans.Conforming, Conventional - These are the Fannie Mae and Freddie Mac loans (if you recognize those names). 

In this case, we recognize that vast majority of the of the audience cannot afford this product, and safety (staying power) resides in the fact that we are not trying to cater to them.

You should recognize the risks, but don't let that hold you back!

Analyze as many as you have time for each day, whether that be 1, 5 10, or more, just do it so you know what to look for so you can recognize a winner when you see one.

Would I be recognized as a GC and exposed if someone is injured on the job-site? 

I would assume it is a "down unit" and needs to be completely rehabbed, and budget for that, until proven otherwise.