I'm going to begin cold calling this week and next week to absentee owners.I'm aware I build rapport, introduce myself, but the point is to have them do the talking.Generally I would like to know how can I begin the conversation and how to mention I have their number? 

Hi @Alex Shin , I have the same questions as @Ali Boone and others above.To answer your question regarding narrowing down your CapEx number, make a list of items that have a limited lifespan such as roofs, water heaters, HVAC, appliances, etc.

Why is it listed for $165K when you had a conversation with the owner and can buy it for almost half of that.

During these walkthroughs we determined items that are in disrepair and fixed them. 

I sent thousands of offers, the conversion rate is very low but sometime it works.

I usually buy the low end big box store items when on sale.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Also be prepared for your local municipality to have issues with the conversion.

If a buyer/renter can't picture their furniture items in a space, then they probably won't buy/rent it.