Try to match up what your research shows you and what you know or thought you know about your town.Going through the effort of analyzing lots of properties will also help you with figuring out what your own criteria are and what you are looking for in investing.Let me know if you need help with anything, I'm just across the river.

Find out:Your target area; ALL costs of a mail campaign (list, letters, postcards, necessary office supplies, postage, etc); budget for 6 months-1year of mailings; develop scripts for prospective sellers (what to say to them); learn to track responses, follow-ups, conversion rates, overall campaign effectiveness, etc.Build your team; title company, RE attorney, cash buyers, closing agents, etc.This list may seem long and overwhelming but if you're looking for a "secret sauce" in this business you wont find it.

It is a long process to try and make something out of your effort.

Generally they list with Realators only after other efforts are unsuccessful.  

I'm thinking that this is going to take a good lawyer and a brilliant tax person to do.

Yes, short sales take a lot of effort, but they often can be quite lucrative in the end.The first thing you'll likely need is the owner's permission to talk to the lender(bank).

It's not easy but can be worth the effort.

Worth the time and effort.

Even if you're naturally talented you still have to devote a lot of time and effort to become truly great at something.  

What you are going to find are tons of strategies (leverage to the hilt, buy cash only, etc.) that all work brilliantly for some and not at all for others because of their own personal goals and tolerances.