To say that I'm not buying properties to turn around and sell them for a profit would be accurate, although if for some reason I were to ever need them (IE to save up for the 'big kahuna' investment) yielding some marginal profit would be excellent.

I created an Excel spreadsheet before but didn't stick to it probably because it was flawed.

They established both relationships and a reputation for that area.I have the same plan as you for acquiring properties in about 6 years once I'm in a stable situation - finding a couple off-MLS buy and holds per year.

I've read quite a bit, and since recently listened to the pod casts (Excellent!)

I do have some great relationships with probate attorneys though.

(There were complex relationships that had to be set up to be legal that few besides our clients ever bothered to set up.)

I prefer old school invoices from Word or Excel.- I want to be able to call my manager and get him/her directly on the phone.

Here is an excellent recent discussion that talks more about foreclosures, REOs, etc., I think it might help answer your questions:http://www.biggerpockets.com/forums/41/topics/82129-confusion-about-foreclosed-properties-vs-reo-properties

This biz is all about relationships so first words of advice, start forming them and never stop.

There's about 4 points added to the origination costs due to it being an investment property and my current credit score not being excellent.