I've seen one outlier at $50K due to extensive tree removal and the need to truck a lot of soil in for a mounded system.If you have town sewer, that zinger is off the table.My guess (with very little to go on) is that you're grossly overestimating rehab costs. 

I've had good luck using public records to find the owners of my #1 batch of mailers from April for about 20 vacant homes... and I was able to scrape the internet, Google, Facebook, Nuwber, 411, and some family tree websites for their current addresses (and some phone numbers) to send them letters.This round for my May marketing letters, I found 49 vacant houses on Sunday and I've spent TOO MUCH time this week looking for the owners.

But overall it was a surreal experience to see the land transform from trees to completely built out with our first tenants moved in.

For example you could create a c:\holdings directory with subdirs called c:\holdings\123 Main St, c:\holdings\215 Oak Tree ln, etc and store an Excel income/expense worksheet (as simple or complex as you'd like) and any other relevant docs for the property in it's associated directory.

Do you call the listing agent and make a verbal offer, ...Everything else seems to have already been addressed, so I'll tell you when I do make a verbal offer rather than a written offer (since most times I will be making a written offer).Sometimes you'll come across a listed REO that is just priced way wrong (too overpriced), and if you just lowball with a written offer, you're just killing trees.

A property that has a great view of the town dump probably will be priced less than the home next to it that has trees blocking this view.

A concern of mine is the cost of having full time employee vs part time employee (greeter/maintenance) + contractors (handyman/tree service/electrician).

"When you add value, you'll get paid" If the seller can sell these on his own you might not be able to, also if the seller is not motivated but "Will sell, for the right price" you might be barking up the wrong tree.

Do we have to wait three years to make any changes to the property to include any removing of brush, cutting down trees, or building a home or anything on the lot?

The basement wall had a massive crack.The surrounding trees were planted too close to the house that they roots cause tremendous pressure on the walls of the basement.The house was built in 1960, 4 bed/2 bath ~2400 square feet.