Thanks for the responses everyone--very helpful to hear about your approaches. 

You have to assume their current lease until it expires, but you can approach them after closing and see if they would want to sign on a new updated lease.

When you renew the lease, include an addendum that states any problems must be brought to your attention immediately and in writing. 

My first question is what do I say to the listing agent on my approach ?

I wanted to know from those seasoned in direct mail campaigns, what the best approach is for reaching the off market deals.

My uncles is a long time REI; his advise to me when I was starting out was to go to the events and learn what their approach is and how they go about it.

. :) Good points Chris..When I broke the news to my original lender about the rates I was getting elsewhere, he brought up the same points that you are bringing up.

To make it easy I'd approach Domain Homes or another builder and see what they might offer you just to get an idea of what they would pay.

Would i be better off utilizing another approach, such as being a private lender??

I've watched countless videos on YouTube with Grant Cardone and many other big time real estate investors but I'm still in that stage where I feel like I don't quite know enough to approach my first deal confidently.