Personally I like a hybrid approach where you have a pot of money set aside but also add to that with some portion of your monthly income.

Multifamily 2-4 unit properties are incredibly rare in our region, and are probably the most competitive asset class in our area due to the low number of them that exist.And the ones that due exist, often will not pass FHA condition requirements.

I have approached my personal investing very cautiously, but also most of the 7 properties we have are owned without a mortgage. 

For example, I was approached recently(has happened many times) by an individual wanting to sell a property.

Hi BP Family, I wanted to try a DM campaign in my local market but before I invest any money or time into this avenue I wanted to get the forum's opinion about the pros / cons of approaching my market (Houston), like this and a strategy of what to include in the copy, because I have no clue. 

How would you approach the situation as an interested buyer?  

I have a different approach to investing as I kicked off my career in high-stakes litigation, suing insurance companies in New York for not covering claims that were filed by their clients.

I definitely agree with @Sean Lasher on finding census data when you are looking to take a more quantitative approach.

As a property manager for a few years now I can say that:1) it's incredibly rewarding and one of the best feelings is to take a problem property with problem tenants and turn them around and make them into a profitable venture (I've been doing that for a decade with foreclosures so it's much the same to do it for investors).2) I have fired clients over the years...when my office is disrupted and angry emails and calls are coming in OR when I have come to the conclusion that an owner doesn't feel we are worth the value (and in turn we don't feel they are worth the effort to calm down and constantly smooth feathers) then we respectfully part ways. 

My numbers are incredibly rough and are cherrypicked from what I've heard discusses in podcasts hear at Biggerpockets, I've not gotten any hard numbers.