In the expense number includes the following:  Utilities, Payroll, advertising, contracts, repairs and maintenance, administrative, property tax, and insurance.  

I never advertised this property other than posting on my Facebook page that I was exploring the sale.

Find a deal get it locked up and advertise it, the buyers will come to you when you have the deal. 

I will have a pro photographer taking some shots that I will use on postlets and craigslist to advertise.

You have forgotten maintenance/repairs, vacancy, CapEx, advertising costs, evictions, taxes, insurance, management, etc., etc.Factor in ALL of the costs associated with operating a rental property and you will be nowhere close to $450...

I coach lease options so here is the skinny on FLIf you want to do one or two lease-option assignments or  wholesaling lease options, you're probably not going to get a lot of complaints from realtors and brokers about brokering without a licenseThe big thing in Florida is advertising properties for lease option if you don't have title without a licenseYou want to act as a principal not as agent for or as an agent; with license you can act as a principal and not "agent for" the department of Florida real estate want you to be licensed if you're doing lease-option assignments even if you are a principalIn a sandwich, staying in the middle, if you can have 3 months reserves in case the tenant buyer does not pay and you have to evict, that is prudent.  

That being said, many wholesalers put out bandit signs advertising a fake wholesale deal so investors will call.

A lot of these people don't really advertise. 

4) Other than finding a good REI club to network with, and advertising, what strategies have members used to compile a list of potential contract purchasers?

In reality, you don't have to advertise rentals unless government money is involved, mortgages or HUD funding.