Remember- many people over-estimate what they can do in a year... but nearly everyone UNDERESTIMATES what they can do in 10. 

Most astute investors will analyses the property on Actual numbers and not any estimates or sellers proforma as if the property was fully occupied or preforming better.

After running numbers i'm looking at around $780/month in positive cash flow .The seller owns these properties free and clear and wants 5% interest and for me to pay any transfer/closing costs, i'm estimating $1,500.My question is, how do you pay down principal on a deal like this?  

I have seen many letters out there but I'm looking for advice on what the letter should contain in order to get the best results/highest chance of absentee homeowner calling me back?  

. : I invested in to my own installation last year in June.It felt like the new gold rush.There are TONS of companies on the market because of the 30% tax incentives + subsidies.They show you nice graphs with high IRR (min 10%) with inflated estimated power output and are making crazy margins thanks to the subsidies from the local utilities.Make sure to challenge their assumptions and have them compete against each other to get the best price as possible.

I am buy and hold guy (at least for now), but the "exit strategies" is a great part of that solution for estimating refi/cash out scenarios.  

@Alfred Edmonds I am looking for some information / estimates on a pour concrete walls.

Re laundry money, i never include this in my calculation - i simply look at it as bonus income. your vacancy at 3% sounds low, again not knowing the location its hard to sell. 5% would be my lower estimate in high demand location and proven 100% occupancy in the last 2-3 years.Repairs and maintenance, unless the property was recently renovated top to bottom or you would renew the large items like roofs, HVAC, water heaters etc 5% and 4$ is tight. 

That said, please be sure to follow forum rules and not solicit in the forums outside marketplace or spam via the message system, both of which are against the terms of service here.Based on your initial post, it sounds to me like you have more to offer than most so in my opinion, you have a better chance since you have the skill set AND some skin in the game!

Is there anyone here who has a decent eye to give an estimate based on just photos?