One key method is some sort of owner financing.

That doesn't mean it's the only way, so you'll find whether it's lease options or any other method, you will/must make the adjustments and tweaks that make it fit you and your goals best.

We too are having more trouble finding solid deals on the MLS, so we are also looking to adapt our methods to finding new properties.

http://www.insurent.com/slpb_ll.shtmlquote from their website:" For landlords, the Insurent® Program is a unique no-cost method to increase occupancies, eliminate rent loss, and streamline the rental process for all parties where the prospective renter does not meet your minimum financial requirements, and needs to put up additional security, prepaid rent, or have a qualified co-signer at 75x-100x the monthly rent.The landlord accepts the Insurent® Program; the renter pays for the Insurent® Lease Guaranty.

I noticed that we have had requests from Owner's to vacation rental their homes in Vegas as a method of trying to get higher returns.

IMO, it is not a strategy to specialize in, but some do, as you'll be better off by having a good basic RE knowledge and then recongnize which method best applies to any transaction, that gives you all the tools you need.

$20k is a relatively small sum, but a lender may want a significant lender fee to cover that clouded risk.I would look for an alternate method of acquisition.

Choose the specific zip codes areas to farm and use multiple methods for getting the word out.

I think Lynn's method of buying, rehabbing, and moving up is the easiest (though not the quickest way to wealth) for the average person.

. - while I'm not a Texas attorney, my assumption would be that yes, it's perfectly legal (wholesaling is a pretty widespread thing around the country, I'd be shocked if you couldn't do this in your state).