I was actually considering targeting people who are 55 and up.

If SoCal is what you're targeting I highly recommend you check out RedFin.com, it has all MLS listings and is free(keep in mind that Redfin does not offer full MLS access so you can't do things like pull cash buyers but for what you're after Redfin should do the trick)

I think you are on target.

I you target rentals for less than $500 you are getting into the low income/trashy areas.

If you have a free and clear house, you may be a better target for lawsuits vs. someone who is overextended.

Try using the create topic link and then setting the target forum to be the intro forum; I believe it should just work fine for you.

When they pass through the metros they are targeting a much larger audience and are therefore able to pull more people in with the idea that wholesaling is get rich quick scheme.

I implemented late fees, and he pays it, not a big deal.So come renewal time, he said he really doesn't use the house, and he wants to find a 2/1 apartment instead of a 3/2.

Would love to hear more about lessons learned as you implemented this new technique.

Basically I have a rental that is 2700 sq feet with pool and landscaping and right now is using $50/mo for water and sewer (higher in the summer) so I budget $50 for any rental smaller than this with less water usage just to make sure I am not undershooting the value.Same for Electricity and same for gas: Call and ask or ask the owner/tenant what the average bill is.Repairs- I budget 5-10% of purchase price, but only as personal preference, you will figure out what you need as you go along.Vacancy-this is more than most would do, but I collected demographic data on all zip codes in Tucson so I knew the vacancies, employment sectors, house hold size, schools etc of my target areas.