I am a big safety freak.

Yes, I definitely worry about safety.

Essentially, an agent has 'insider' information that a listing has expired, they can't use that knowledge to solicit them.I'm currently only targeting FSBOs.

I would say allow at least 10% over what your budget is as a safety net.I don't know anyone that bought a property and didn't have to put something into it the first year.Also a red flag is when the agent who knows the area says it's tough to find tenants. 

Derek, sound like a good plan since that will be all the money I have, no safety bed yet.

About 2-3 weeks later we mailed Yellow Letters to that same group of owners and our response rate essentially quadrupled.

I am mostly concerned with safety issues.

The advice, forums, and podcasts have been essential for me becoming an investor.

This way I'd essentially have no money down and extra cash on hand to fix up the basement (plumbing issue, 8k-10k, 4 bidders so far).

I had one flip deal fall through (repairs were too much), but it mainly fell through because the homeowner received a lot of letters and he called multiple people and bid the asking price up essentially.