That's assuming all goes well.Using the important numbers, you know, the ones with "$$$" in front...not "%" behind, this is what is actually happening:1 - $350/month income (cash)2 - $4200/year income (cash)3 - Unknown retention (in $$$$) towards vacancy, etc...4 - Unknown impact over 5 year period from #2 offsetting #3.5 - Most likely scenario - #2 doesn't cover #36 - ...and,?????

We entered the market a similar time to you and have seen opportunities shrink up even in the short period. 

With the custodian approach, they hold the funds, sign every document, cut every check, and receive every deposit.If your investment interests are more dynamic, and will involve multiple assets or assets that require a lot of transactions such as rental property, then a plan offering checkbook control such as an IRA-owned LLC will be more more effective and efficient. 

I tell them my boss buys houses in the area and then ask if they are selling or interested in selling.I know there has to be a more efficient way, maybe going closer to the actual foreclosure date so they realize the urgency or something along those lines and also maybe approaching the conversation differently.Does anyone have any advice, or methods they have found to work effectively? 

For instance, 7/1 ARM is being offered at 3.75% for the initial 7 year period, with LIBOR based variable rate afterwards.

I’ve accounted for those slower periods with other marketing sources to assist in keeping my vacancy averaging around 20% or less, as well as adjusting my pricing accordingly for supply and demand.

I have never purchased a condo because I do not want to directly compete with large apartment complexes, but if you’ve already got it and you think it will appreciate remember the old re addage...the optimal holding period for re is forever.

In computing any period of time prescribed or allowed by these rules, by order of court, or by any applicable statute, the day of the act, event, or default from which the designated period of time begins to run shall not be included.

Any large items left behind will need to be handled according to your states guidelines for abandoned property. this may or may not require you to store it for a period of time before throwing it away.

Are you working with an efficient realtor?