It is the cost of doing business, and in this case, location does matter for an owner occupant.It is interesting how the timing here is critical, between the letter of intent, the purchase and sale agreement, the mortgage lender's appraisal, the petition, the physical inspection, etc.

I have found an opportunity to buy a small cabin w/ cash in AK where I proposed buying a property from a family through a hand-written letter. 

She recently made a new payment of $800 and I received a letter saying that they received her payment but she needs to pay 4,440 by the 10th or they would proceed with lien foreclosure and eviction.

We also sent one agent a copy of our "congratulations on your $xxx HELOC" letter.  

I would probably include the following relevant/tailored info. on you: resume, short cover letter/explanation, financial info.  

I actually use the app Digit to help me out.

From 3 days of walking I wrote down 240 address, found the owners and sent letters to each one. 7 got returned, and i got 3 people to call me back.

The next step is a letter of intent after which I should have access to the P/L statements to verify everything.Any red flags right up front?

Start looking at them in Zillow if they are off market write down the address mail them a letter asking if they have any interest in selling their house.

Send them a letter indicating this along with your new notice.