What I failed to realize is that the going rate for PM (10% of gross rent) is not enough for these management companies to make a living.

Will bank jump in just before the tax sale then?

You can then send a letter to whatever that address is.Couple things to look out for: (1) type their name in the property appraiser to check if they own multiple properties - if they own 5+ properties it's not worth your time mailing, (2) many vacant or abandoned houses are REOs - make sure you aren't sending mail to banks, corporations, etc.Lastly, if I was doing driving for dollars, I would not mail a yellow letter.

That's a 5 yr note from a local bank, 5 yr term with 25 yr amortization.   

If you fail to do that the person can sue you for something like 2x or 4x the amount of their fees.

So I took it to my bank on the 31st.

Assuming you have this, what your lender's appraisal comes in at is irrelevant.....it has no bearing on the bank's approved price.  

(this makes HELOC's essentially unavailable to me=/)My situation and where I am seeking advice:currently seeking lines of credit from multiple banks.  

I introduced myself as an investor that would be in the area soon and would like to look at the homes that they are selling for the bank.

Other than that I'd be looking at debt terms with local banks.