Prices drop and those of us with liquidity pick up the pieces at pennies on the dollar.If you have cash flow, you have staying power, and can make it through the bad times. 

Pick up some books at your college library and jump on in, the water is warm!

Pick up @Brandon Turner's book (https://store.biggerpockets.co...) for a how to guide.I will say one thing though, it's hard to get deals for no money down, even BRRRR deals.

If you know how to use them you'll be able to pick off more deals in this hot market. 

Another thing that I think it is important to clarify is the importance of picking the right market, and creating a good team of attorneys + brokers. 

How do you go about picking out the good and the bad from your list when preparing a mailing campaign?

Maybe if you've done 50 deals and they know you are safe, but as a newer investor there are no ways to do this in the real world.In the day before the GFC this is how all OOS turn key worked:WEst coast marketing companies would get buyers  ( these folks are still in business as we know)rehabber in the market  Pick any turn key market would find a home that they could buy rehab and sell at 65% ARV  which today pretty tough but in those days my company did close to 2000 of them as the A and D lender.So we would require ONLY 1k down from the borrower  ( so not no money down but pretty close)  I would fund the purchase and rehab the rehaber in the market  say Detroit Chicago Memphis Jackson KC Indy those were all my markets. would do the rehab and once it was done they would do a refinance now my LA based buyer was already pre approved for the take out ( REFI) Just subject to a 442.. we routinely spun these deals in 90 to 110 days start to finish.. the LA based buyer would then do a 75% cash out refi and pay me off  and they would normally pocket about 5 to 8k in cash that was to be used for reserves.. so no money down and actually cash out.My flipper made his money the west coast marketing guys got their commish and I made my fee's on the HML..  

Yes but they won't cost you $100000, will be way over that budget.you've got slim picking in today's market if your budget is only $100000.

Once you have picked a country and location, start developing relationships with locals and let them know you want to buy. 

I would like to start building relationships with agents in this market not only for help finding my investments but also to pick your brain about this crazy market and economy we are in.