This would be my first foray into non-residential investment and I'm anxious that I may be trying to swallow too big a fish. 

You could advertise it on some of the homesteading forums and craigslist for something like that.Another idea would be turning it into a vacation rental type property, emphasize the fishing aspect of it.

I wasn't really fishing for positive feedback. 

I have never encountered this before and sense that the realtor is continuing to fish for more offers. 

@DG H.You're going to spend a lot of time and effort because you're fishing in the retail pond.

Pre-foreclosures is the nut you want to crack before it gets too late and lost in the bank bureaucracy.

I can keep adding in my own cash flow to continue buying, and I want the properties to be paid off when I'm 50-55.Here's the nuts and bolts:Purchase Price -- $144K (Sellers paying closing)10% Down Payment -- $14.5K (4.5% 5-year fixed, 15-year amortization)Rent -- $1650/mo.

Use as many lines as possible when fishing...

Your taking on the roll of a rehab financier when you do the second scenario.. and by and large that is a fairly risky event for someone who does not have experience in lending money and running rehab contractors... a lot can go wrong.Although some of my clients do the second scenario but they are generally doing it for hedge funds or more institutional buyers.. it can be a royal pain for someone or company to rehab a home for an absentee investors who really has no experience with it.. they can drive the poor rehabber nuts, by bugging the heck out of them.. etc. 

Wholesalers"In a nut shell, real estate wholesale companies put properties (normally distressed properties) under contract and assign or resell the property to another investor.