I am currently focusing on Texas in particular.I am looking to invest in cities with the following considerations:- Solid B / B+ zip codes- Warm climate but no danger zones - Densely populated areas- Mixture of both blue and white collar population - Continued job growth- Population growth - Hot rental market with many renters vs buyers - Low vacancy ratesPlease educate me on zip codes I should look at, what average rent rates are for 1 & 2 bedrooms, and what I should expect to pay per door.

Until you can master this technique obtaining debt to leverage yourself to make more money is dangerous business. 

Most of the homes I approached today (yes, I'm door knocking, and yes I know it's dangerous, desperate, etc etc...) were either weatherized or completely gutted and obviously already foreclosed upon or bought.

Doubtless your right about the danger in my plan. 

You need to team up with an experienced wholesaler in your market as a bird dog to learn something and make some money while you do.Right now, you are a danger to yourself.

@Brett Woodall, you have enough funds to be very dangerous.

Well are there any other dangers of putting in a low ball offer?

I'm worried about selling it or putting a tenant in it given the serious dangers we've been hearing about as of late.  

You would try and earn a "finders fee" or other term you want to call it, for helping put the transaction together.The only other way I can think of - if there is equity in the home (This may be a bit dangerous to the seller): If there is equity, he puts a 2nd mortgage (line of credit) on the home, pulls out the equity, quitclaims to his mother and brother, and they both must pay the mortgages every month, on time, or the original seller's credit score will suffer, since both mortgages are in his name.

BUT take a catalytic approach so you 1) don't burn out, 2) don't put yourself in danger, and 3) use your time and resources wisely.Best to you.