When you say they were incompetent can you provide more feedback for novice investors. 

I found the son on Facebook and sent a quick intro giving my condolences, expressed my interest in purchasing the property, and provided my phone # in case he decides to follow up.I'm in the process of preapproval with a couple lenders, and have reached out to a couple realtors in my area to see which may be a good fit.

When you build a good relationship with a good turn key provider, they can help you find the best deal and best vendors to work on that deal.

Your realtor should be the first source of guidance.For anyone here to provide you some guidance, you have to be more specific on the ask.There are always many things to consider when planning for different strategies.

But perhaps you would be better served helping a local experienced investor find deals and ask them to show you exactly how they analyze deals, what's good vs bad, how do they finance (debt vs equity) etc etc and understand their business model that has a proven track record by providing value to them.

Can you provide guidance on how to get started and some effective strategies?

So, I am indeed getting monthly payment from my buyer that would cover both monthly mortgage payments and also provides me interest only payments on the difference between the sale price and mortgage payment. 

Why not test the market by putting the lots up for sale, and if nobody bites, that might provide your answer. 

If they did not provide a forwarding address we send it to the unit address, hoping they filed a change of address form.

These rates of return surpass what bank-provided bonds and stock dividends offer.