You can purchase lists with different motivations like absentee owners, 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, evictions, probate, divorce, etc. and mail or cold call. 

Does his statement hold water?

In reality that are other things that are important to them, perhaps WAY more important, but we discuss price by default because it's in our water. 

Its a great tool since it will prompt you with all the questions that you need to think about that you may not be including in your calculations.For example, you need to factor in how long you think a $100k rehab will realistically take you to complete (will it be 3 mos, 6 mos, 9 mos) and that will help you factor in all of your carrying costs such as interest on the borrowed money, insurance, heat, hydro, water, property taxes, etc.

He’s well-capitalized, bright, honorable, and all his projects were well above water.

Make sure any utilities that could be tied to the house (eg water) are paid. 

I'm Daan a 31 year old Dutch guy living in Vietnam.For the last 8 years I've bee working for theme & water parks in Asia.

On the other hand, also worried we won’t be keeping the property above water with rents reduced significantly.Still learning and know we will make mistakes along the way. 

A natural gas water heater will also function, especially if it’s got a pilot light (this will have hot water regardless of electricity).

The tenant called and said no hot water for early morning shower, so I inspected with plumber same day.