I'm already began constructing mailing campaign and speak with individuals on creating target letters, letter heads and business cards.

In addition to mortgage, insurance, taxes, and repairs that you would have in a long-term rental, in a vacation home you must pay for utilities year round, gardening/pool cleaner, advertising, supplies (if the towels or sheets get worn out, you must replace; dishes broken, you must replace), deferred maintenance (cannot be deferred long or guests will complain), etc. - Understanding area occupancy rates is key.

Also, some churches have monthly bulletins that you may be able to advertise in for a small fee.Depending on the area you might consider placing a flyer in a local laundromat.

You also have to take into account for taxes, maintaining the property, advertising (to fill vacancies), emergency fund (for when something breaks).

Anyway, sorry I rambled on so much, but I wanted you to see that some of the stuff you see advertised or read is very misleading. 

You can legally advertise for investors now if you limit your raise to accredited investors.  

When I am there, should I not advertise to others that I am looking to be a bird dog?

Nothing at all to do with me, but when people do a "Scorched Earth Campaign" every name associated gets attached.  

I've been talking with this owner from time to time over the last 3 months, just doing follow up calls since he responded to a DM campaign I did.ARV ~ 140-150K, he thinks it's worth 170K, but that figure is only applies to the larger & more updated SFRs in the community.We estimated about 30K in repairs (I haven't seen the property yet).

Can I advertise?