Do you think it's a more effective strategy than contacting the homeowners when the NOD is sent out?  

@Sean BrooksI stand by my original statement about it being easy to become a Realtor.I am not laying blame to the Realtor for not getting the deal done, I am laying blame for lack of education to the client.A GOOD Realtor educates their client, a Transactional Realtor takes listings.A GOOD Realtor is able to have effective communication with their client, a Transactional Realtor will talk on their clients behalf.A GOOD Realtor works with reputable brokers, a Transactional realtor goes to one of those 100% Agency's that have no contact with them.I think that Good Realtors will know Good Realtors, and investors and Good Realtors despise Transactional Realtors.Just my opinion.

For instance, in Maryland we have 3 more, (one becomes effective starting 10/1/14).

The other side if this effect is that there are areas where buying a duplex will always get you cash flow because the gross rents will always (or often) be high than 1% of the purchase price due to the market being driven by owner occupants.

The reason I was hesitant to speak to a broker is that if it turns out to be better to wait than I did not want credit checks from now to effect me in 6 months or so when I did go ahead and move forward. 

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Also I love stuff like this (ie Sharpening the saw -- Stephen Covey's 7 Habit's of Highly Effective People)Thanks!

Literally millions of people visit here every year, and it's so much more cost effective to rent a house instead of a hotel, and the short term friendly zoning south of Disney makes this an incredible market to get into.

Thanks so much guys, looks like to be effective I have to learn the flipping world even though I'm not going to flip which is fine.

Depending on your effective tax bracket, it could be less expensive to take it out over several years.Besides the tax hit you would take now, I would consider the lost opportunity of tax-deferred compounding on a significant sum.