As a newbie, uber excitement can just overcome one and if not careful, one may make quick moves because their focus is only on specific things.

If time is not an issue, then adverse possession would be an option, but I believe contacting the owner will be the quickest and cleanest option.  

It just is what it is.I disagree with always make an offer, unless you are new and then you can always use it for experience--having the guts to make the offer, seeing the reaction, overcoming some objections, etc.  

If your offer is too low you will end up with a short sale situation and as Jon indicated this presents a host of problems for the seller to overcome before they can sell.

, and if not, what compelling advantage do you have to successfully do new sub-A Class construction to overcome the barriers that others see?

You already answered some of your own questions about possible profit improvements; it depends on your belief in overcoming the hurdles that will help you decide whether it's worth it.

What I do is to present solutions to overcome his problem(s).

A tagline used on some other forums I visit is "patience and persistence will overcome most obstacles."  

I agree with all and thank you for your insight, but where do you go for a loan that dos'nt require 20% down plus all of the origination fees and closing costs.I am very fortunate, I don't want to sound greedy or risk adverse, but where are the "no money down" deals with creative financing I keep hearing about?

That is one of the reasons the fees you pay every year for NAR to advertise to the public to overcome rooky mistakes and outright fraud and other misconduct of agents.