What are the caveats with this approach?

Assuming, getting a new property under contract before selling my property won’t hurt the strength of my offer if it is a competitive situation, it seems like a great approach.  

How should I approach this potential investment?

My approach is to have solid answers for the questions that are posed by several of the post respondents.

I understand this wont cashflow too much at first (perhaps 100-250 first year) but am curious if this is a good idea for a growth and income approach hoping that this location can make up for the higher price point and lower cash flow for greater price appreciation.

Any tips or ideas or someone who successfully/unsuccessfully went through with this approach?

What are the pros and cons of the below approaches? 

After retirement, I launched investment company Dembinski Homes, LLC which approaches residential home sellers directly to sell their home or land in "as is" condition.

@Amanda Gisonni- I like your approach to direct mail.  

As an active agent and investor in the Greater Seattle-Tacoma area, I try to add as much value  as possible and to adjust my approach based on my client’s goals.