These techniques are as old as the agencies themselves, there aren't any new secrets or methods but technology has certainly come in to play as well.Again, it's not just an interest rate risk that gets a note called, there can be many issues with all loans that carry the acceleration clause.

Don't try and invent some new system or method of making money - simply follow someone that is doing it successfully to be successful yourself. 

There are so many creative financing methods out there.

I consistently run across students of his that are doing deals and he has some creative methods of directly reaching out to note sellers.

Can anyone offer the pros and cons of both, what method of investing you prefer and why, and any other relevant information?

Having that one additional method of contact must surely be a good thing, even if it will lead to some unworkable leads.

I probably use the worse possible method to collect rents.  

This method requires a little set up time but I found it worth it if you are using Google sheets to keep track of your real estate.  

I've been tying to decide on wholesaling before I start the BRRR method and I think responding to your post just sealed the deal for me that while I do want to learn wholesaling to find good deals and learn more about the entire REI process, right now I want to focus on adding passive income so I can take a break when I want.  

Undoubtedly if you listen to the podcasts you'll hear about how people found success by using different methods.