This gets mentioned often... and while it isn't wrong per-say it's not entirely correct.

I also manage projects from a distance for work and feel confident in implementing similar strategies for the systems and resources required to remotely manage the properties correctly...but I'm still preparing for hard work.

If I cannot buy land and I am left with the 70k, I will have to pay what they call the boot, am I correct in thinking that I will have to pay  (let's say capital gain is 30%) capital gains on the 70k? 

Correction-I have heard horror stories about Morris Invest, not Memphis invest, my apologies! 

Sending out offers to owners is a proven method of having interested sellers contact YOU. 

Bigger Pockets is the best way to go when it comes to getting deals done correctly and reaching out to seasoned investors.

@Brian Kraft - I think the cap rate you purchase at is significantly just your method. 

You could knock on doors,  "drive for dollars" method to look for empiy houses or FSBO signs,  look at Craigslists ads, do mailings, check or use local papers, go to real estate websites, go to local real estate clubs, etc..  

You'll be fine assuming you've done your calculations correctly and take your time while screening tenants (there's a bunch of multiplexs in over-town that are currently being rehabbed with no issues - run really cheap.powerful motion sensored lights and install high fencing). 

@Nghi Le  I stand corrected.