Here are a few things you should consider:Homes from the 1960s, if well-maintained, can be solid investments, but ensure the price reductions align with current market values and potential ROI.If not, it'll be like a buffalo taking a dump in your ear. 

Taxes are an issue as well. 

Here in Tampa as well!

Are you a contractor as well or just funding the project?

It makes sense to me that if they are getting foreclosed on, they probably have people calling them for other debts as well so they just don't answer the phone.I was wondering others experienced this low answer rate as well with pre-foreclosure lists?

I wonder if anyone (neutral) would be willing to help me cross-check my numbers. 

Thanks for the rant, Chris ;) I get your perspective as well.

We have good property management recommendations as well.

Well..

If you're in contact with the owner/seller directly, and you don't feel there is a lot of competition (off-market), might as well start with an LOI to lay out terms before drafting a contract.If you need the offer to look compelling because other buyers are circling, a PSA would indicate more motivation on your part.