I may also get involved in buying some lots suitable for building, if I can get them very inexpensively, as there is not now, nor do I expect there to soon be much building going on around here for a while, until the foreclosure market gets bought up more. 

There's always some kind of built-in expense ratios for things like vacancy, property management (even if you're not using one), reserves, etc.The other problem I see may be the appraisal. 

I download the bank and CC statements to venerable and inexpensive old Quicken, which also prints the rare checks to contractors etc, where I categorize them and they're ready for a report to the accountant.

Unless you are buying very inexpensive properties, a buy and hold portfolio will come with a lot of debt.

This is great community of both new, experienced and well-seasoned investors.Since you are sophisticated enough to know about Melissa Data, I believe you're probably ready to invest in better info sources.One way is to seek the services of either a qualified list broker or consultant that can help you find the specialized data you want from SRDS (Standard Rate and Data Service) vendors or independent sources.Another way is to hire someone to either pull records and manually merge purge data or someone who effective at data leeching currently available online sources and manipulating the data to your specifications.Obviously, neither option is inexpensive.

Steven Gottlieb Do you happen to have a good contact for inexpensive skip tracing?

The numbers are local and it's relatively inexpensive.

Read inexpensive books, read BP, network!

That way my previous deal helps me pay for the increase in expenses.

I am in expensive southern california and you CAN find a GOOD bookkeeper for $25/hour.