Consider keywords such as "as-is, handyman special, investor special, quick close, fast sale" or any other creative keywords that help convey your message.- Include plenty of good pictures with your posting.

We replace the lists with fresh data every 6 months and keep on rolling...But there are special groups like expired listings or tax liens or divorce that we might just hit once or twice near the event and not necessarily continue mailing to them.Also, think about how DIRECT MAIL fits into your larger marketing strategy - we also like OUTDOOR (billboards, bandits, etc.) and ONLINE (AdWords).  

The lead came to me from another attorney friend of mine that specializes in Probates.

B) It looks like there are companies who specialize in handling reverse 1031; which state would be better to find someone in for handling this, CA or CO? 

They seem like a good investment until a special assessment comes along, and tries to charge you 10,000 to fix the foundation of the building.

Associations can levy special assessments and have deed restrictions that also interfere with typical note collections and enforcement.  

Definitely check out inventory and DOM, this gives you an idea how fast or slow the market is and help estimate your holding time.Also pay special attention to other flips in the area.

However, there is a "special allowance" that may apply in some circumstances.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

I do lot more rentals than flips and I try to think of my business as an assembly line specially for rentals..A house goes in the system, goes through the process and a rent ready house comes out of the assembly line..