Has anyone had any success contacting the asset manager of a bank to buy an REO property? 

I don't even know how the flippers buying them are making money.  

Buying small dollar non-performing notes and working (hard) to get them to reperform is a good way into the business -- if your friend has the time.

@Jason Hallett If you're just buying RE outright and not remodeling, adding value, or forcing appreciation you will run out of funds. 

And if you are buying a property with them and will be renting part of the property from them that too is fine. 

The particular place I have in mind has a 1 acre lot and the house probably needs  $60k to work on it (this was guesstimated by my coworker who wanted to buy it).

Quote from @Tara Davis: Hello, I have been educating myself on mortgage notes, an I am ready to buy.

However when the inspection report came back they made me fix every single issue within the inspection report right down to buying new rubber stoppers for the bathtub and sink because the existing ones did not fit.

First time buying rental property with tenants.

When I am looking to buy properties, I have to walk through personally to not only see the aesthetics but also the systems and layout which are hard to evaluate from pictures.