Step 2: at the next meeting, introduce yourself to one person (could be the person sitting next to you)From there, commit to speaking to one new person each time.  

After doing my research, I had identified this property as a strong foreclosure candidate, which is why I felt comfortable with the cost of the surplus bid.

Situation:The owner has 11 units and has already committed to sell me 3 of them this year.

For example, let's assume that the 'wholesaler' promised the elderly folks in your example that they could close in two weeks all-cash, and that this 'wholesaler' does not actually have the cash or anyone that's committed to buying 123 Main St at the time the promise was made.

I would say it is b- or a strong c+.

Do you have a checklist of things that you would recommend following in order to lay a strong foundation?

It's hit or miss, it really is a numbers game, you have to commit to doing it regularly for a long period of time, and not get discouraged when it seems that the only responses you're getting aren't really deals.But it can definitely pay off if you're willing to commit to that.

Can be more aggressive on future properties.Reinvest income to acquire more assetsWithin 2 years, purchase 5+ propertiesThe rental market in these communities seem pretty strong.

Is it worth considering <5% cap rates and <5% COC for a strong future position?

I will say though, you need a strong "why" and to be committed.