So, at least as I approach future properties I'll have a clearer sense of estimating costs. 

(footnote: they don't believe in email. so it wasn't an option.)THE SOLUTION:After spending the evening thinking it over, I figured I could offer a less "daunting" offer by presenting an "Option to Purchase" contract instead of a blatant "Purchase and Sale agreement with assignment clause", which would leave them locked in with me for 30 days.The difference in these two contracts (from my understanding), is that an "Option to purchase" contract would allow the seller to still sell the property to whomever they wanted, while I would also simultaneously be able to market the home at 0 cost to them for 30 days.If a buyer approached them with an offer that was higher than the one in my option contract, they would give me the opportunity to "match the offer", or I could simply walk away from the deal and they could go with the higher price.THE FAIL: As I was fighting traffic demons to get to their property by 3PM, I gave them a call to let the seller know I'll be there soon.

I still would like a more hands on approach to get a good feel for it but at-least I now know the logistics of it.

I know ethically it's not ok to approach homes that are already listed by an Agent, i understand that and respect it.  

I suggest you call and try the front door approach first.  

The contractor and two of his workers were working on the main floor when three men approached and knocked on the front door.

I've actually been digesting the Beginner's guide with great interest, and have a good first draft of my business plan and approach.  

My dad approached me and wants to invest.

You are lucky she is showing her true colors now when you can potentially do something about it as opposed to when she has already moved in.The "I try to help people out" approach to rental real estate rarely works. 

How should I approach this lead with a reasonable offer?