Focus on reducing anything that creates decision making and bottlenecks.Frank

Additionally, my business partner is an active member of the BP community.I earned my BBA and master's from University of Miami in 2008.

In that time I believe I can earn a RE license.

Obviously this does not reduce the risk of a flood, but may remove the requirement from your lender for you to buy flood insurance.

I would also funnel the revenue through certain channels in order to reduce the tax implications.  

They may not buy, you may not earn a cent from them, but you get experience and can learn the tools of your trade.

That doesn't seem like money well spent unless I'm planning to earn $60k or so on each deal.And I guess my question boils down to: ARE people succeeding with direct mail in Northern Virginia? 

They even went so far as reducing the price 60K and selling it at 200K even and it has no major issues.

You will likely find that being licensed and earning commissions is a much more profitable career than wholesaling.

I will add to that...Reduce the 70% down to 65 or 60% even if the property is "weird" or will be hard to sell.