Your approach is very similar to mine, get rich slow is an enjoyable journey....... 8)

If the closing is similar to a regular house closing, could I expect or try to negotiate any costs into the final price and you said before the title contingency is not necessary (of course an inspection though) -- is it automatically included as the bank had to do this anyway when they assumed it on their books?

Whitepages.com or similar.

This is relatively low compared to other islands with a similar level of development where properties can sell for $500 - $750 per square foot.The good news for investors and absentee owners is that the rental income here is relatively high compared to the purchase costs of the property, especially for properties with great views and/or easy access to the beach, which can generate anywhere between US $2500 and US$6000 per month ( depending on the size of the property).

I have been told once before by a friend to do something similar to what you've said.

It looks like there is another post very similar to this one in the Rental property/Landlord forums.

I have heard similar stories where people end up making a fortune and saying good thing I lost that job!

I was looking at a similar property a year or so ago.

We bought 6.5 acres near Lake Texoma in Mead OK about a year and a half ago, and we are trying to expand it's usage as well with a similar plan. :) I'm currently trying to find some REO mobile homes or "low priced" mobile homes that don't need too much work to be "livable".

The main advantages of this practice are that you can communicate with larger numbers of people simultaneously, and much of the work can be automated by designing a web page with a sign-up link and an auto responder.