What I like about this strategy is that you can achieve high rents without having to manage a ton of properties, which generally mean less maintenence, capex and headache. 

I am interested in responses which  can give me ideas on how to generate new income and use technology to achieve this.

Or you might find a motivated seller and your first deal drops right in your lap because you used the cheapest marketing strategy of them all: networking.

You can work with agents or investors locating distressed properties, motivated sellers, and any other range of creative ways to get leads. 

everyone else thank you all so much for the welcomes. my biggest question i have as of right now is, when you have motivated sellers calling to inquire about selling you their property, what is the best way to determine how much to offer them for their house in AS IS condition??

It's a nice little motivational piece.

However, I would like to know if anyone could recommend a good book on the topic of communication and interaction with motivated sellers.

It's harder to achieve but it can be done.

I have a great company I work with that educates the consumer, deletes accounts, and creates a future credit plan to achieve their end goal.

It seems to achieve these puts me in an A/B area which doesn't have that great of returns.