@Anthony Ferguson Hi Anthony,The most effective way to find motivated sellers is to put together a marketing system that you will use consistently.

Now as we enter our third year with the house, we are looking at two prospective properties to become our second {International} student house as we are consistently over-subscribed at the existing house.The potential pitfalls with renting a large (10-bedroom) house by the room:1) Zoning may not allow for a rooming house;2) No-one looks after the common areas - we started out with the tenants cleaning the common areas which worked fine the first year (we had the right mix of tenants) but did not work well this year ... ironically, the biggest problems were the two Canadian students in the house who did not pull their own weight.  

My advice is to stop asking questions and to take immediate and consistant action.Edit: Not trying to say it is bad to ask these questions, just that once you get a few different point of view to take action instead of developing analysis paralysis.

Honestly 2-4 unit properties don't really have a consistent market in my areas.  

There are great opportunities here but our market has become saturated with investors over the last 18 months so you have to remain consistent with your offers to get anywhere.

I can't generalize on skim coating (really depends on the scope/size of the job), but hardwood refinishing is tremendously consistent at about $1.25/sf, both here in Atlanta and up in Milwaukee.In fact, my Milwaukee hardwood guy lives in Illinois, and is probably closer to you than to my Milwaukee houses.

If you mail them again every 2-3 months you don't necessarily have to give them a call, because if this is the 2nd or 3rd time you have consistently mailed them their circumstances may have changed by then and now ready to sell.

If that's consistent with your goals and abilities, it can increase the money in your pocket.

It consists of two buildings.

.#2, but I'd definitely mix in #1 if you have certain buyers that consistently approach you about deals.