Perhaps you can line up private money sources before coming back.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I don't want to give up on the strategy, as I've heard so many good stories from people who love this elad source, but I need some advice.My approach was to send out a short but professional letter, and then hand write their address and my return address on the envelope to seem more personal.

Gather lots of rental data and get it from sources other than the seller and property management companies.

See also "The 150+ Most Common Repairs You'll Encounter" in the best source I know of at http://get.biggerpockets.com/flippingbook/ (and the free companion book The Book on Estimating Rehab Costs)

Reserves not the issue but retired and using various sources for income.

the links Dave provided are great sources to start building your foundation.

I'm in your market, and I've got to say I'm pretty underwhelmed with the MLS as a source for picking up deals.

If you borrow these from two sources, there would naturally be two mortgages; a first and a second.

I am certainly a proponent of leveraging other people's knowledge and time so taking an attorney out to lunch to get a more in-depth look at how this is a viable source of income.Any Change you can bless my other thread with your knowledge?

You'll also get a source for great tax tips, use of funds, leverage analysis and other need to know topics that investors must know.