Both options should be in writing and have a contract so neither party gets harmed in the agreement. 

With any of this, I'd talk to some local area investors and get a good agent behind you that can help with these things and advise you of the pros and cons of each.In some areas, I've heard of writing letters to the sellers, or even giving a acceptance type gift (like for real, other agents have told me in big markets that they will give the seller a non-refundable $25k upfront to accept (even if there's like an inspection issue or something!

If you talk to the local N.C. beer producers they will give you a huge discount and provide a little write up on the brewer with tasting room location.

I tell agents to meet the client in the office and have the secretary make a copy of their ID and write the schedule in a log (it's fake).

I didn't actually end up getting a mortgage on the place but if I remember correctly Bank of America actually will write that low.

No software is good at everything so you have to choose what's important to you:  Is it Data?

I am writing you this letter to see if you would be interested in a seller-financing or master lease option on the property.

I'm using a hand writing font for my letters and mailing them to people who will be going into foreclosure and who have a judgement against them.

Are invoices prepared manually or in the bookkeeping software?

If there are any Bay Area RE clubs, I would love to hear about them.During office hours I am a hardware/software engineer working for an Inteligent Building company.