My partner and I spent (still do) a lot of time cultivating relationships with agents and we only have 5 solid agents that "get it" and understands the benefit of working with investors.

LouWelcome.Attend 3 different local REIA club meetings meet people, gather info, resources perhaps a contractor to link with for a project.Broker and property manager relationships are good to cultivate for deals before they hit the market.Wholesalers are a great source.

That type of investor can also turn into a valuable mentor if you take the time and effort to cultivate that type of relationship with them.Once your angel investor has decided that they are willing to finance your deals, you will find that they are your best resource for recruiting other investors.

I do not know the ins-and-outs of your local market, and where you are relatively new to this type of asset, you might want to find/cultivate a trusted local landlord/investor who can vet your assumptions.Without trying to analyse the numbers you provided, the following questions/issues come to mind:Valuation:  What is the valuation of the building (cost approach) versus the current value of the business (income approach)?  

There is such a limited number of what I consider to be "true" appraisers, who examine their market on a daily basis, poring through market data and cultivating the relationships with the deal makers.

If you want a legit proof of funds from a legit lender you need to cultivate a relationship with a legit lender and ask them for one.If your proof of funds is some anonymous letter from the net or from someone who is not really your lender it is fraudulent to provide it.

( Maybe, cultivate a private lender list?)

In today's climate and in your locale, I'd suggest a 3 prong attack... 1) I'd cultivate/work on Bank REO's as well as look for bargains that will sell fast, 2) Pick out an active upscale area of about 300-700 homes and start farming. 3) I'd hold open houses as often as possible in your new farm area.

Many investors compound their losses by hiring any contractor interested in their job because they don’t understand or have the skillset to cultivate, communicate, evaluate, or manage contractors effectively.

But, if you get a pretty good deal comparatively when you buy, and cultivate short term rentals as a business for the long term, not looking to sell, you definitely can make decent money.