John - I don't use Michael's service but I do use direct mail and about 4 months ago I mailed a list one time (in error) and I still get the occasional call from that mailing.

Its a nice system and allows me to search tenant background, review references, and occasionally find a vacant house homeowner.

The fact is, we're bombarded with messages, as evidenced by people who've decided texting my cellphone with commercial messages is a good idea (it's not).However, occasionally someone gets through the cacophony of other advertisers and hits me with something that gets my attention.

You can occasionally find a diamond in the rough though. 

Account Closed should certainly seek advice from a CPA.I was not thinking in terms of a high volume flipper who does it for a living, but in terms of a low-volume individual real estate investor who owns rentals and is also doing an occasional flip (which I assumed describes the original poster). 

I'll occasionally jump on RedFin or Zillow to see what's available in Cordova and Bartlett. 

We also want to undertake the occasional flip in the near future.

It might happen here or there, with an occasional investor, but it isn't something you can make a "business" out of.

@Alan Miller are you considering using this vacation rental yourself occasionally?

You typically have to move quickly to get them but occasionally you'll get a really good property.