So far, this has just consisted of just one phase (a postcard) that those on the probate list have received, and now I'm ready to send my 2nd phase of that campaign.I had in mind a letter, (written possibly) complete with my letterhead which would detail my services and what I specialize in.Does anyone have any better recommendations?

You'll need to know the costs and time frame for receiving permits, which would play in to step 4. 

All you have to do is sign the standard agreements and receive a check in the mail every month.Negotiate a $5k down payment with a 30-year seller financed note.

I personally have been receiving numerous leads through Absentee but haven't been able to convert them into deals.

RAsset ManagementProspective Buyer shall indemnify, defend, protect and hold harmless each Owner and Agent from any claim or demand by any person or entity entitled to receive from Prospective Buyer and/or Registered Broker or for its account any brokerage commission or finder’s fee in connection with this Agreement or any possible transaction, A Private Brokerageany claim by any party (including Reviewer or any person associated with Reviewer) of any right to any brokerage commission or fee

We sent out 26 letters, received 5 responses, negotiated with 2 owners, and reached a deal with 1.

I do not take much out as compensation, because I want the companies to thrive.I am also a licensed professional engineer, and work for a company and receive a W2 from that company.

Whether or not these four properties lead to a deal or not, the boost of confidence received from BP and its tools help me to go into any lender's or potential CPA's office with a professional presentation and professional appearance that really helps establish good rapport in dealing with these vital professionals crucial for the success of my business as a newbie real estate investor. 

One benefit is that you could then contribute these funds to the 401k and receive a deduction on income tax.

Would I receive a loan of $480,000 (80% LTV of $600,000), pay off the first mortgage and keep the difference?