There are also many ways to invest out of state if you think you have the mindset for it (less control but you don't manage it yourself). 

Or does there need to actually be "cash" equal to the amount of the property purchase price in a checking account in which I control?

Michael,I think you certainly have an advantage as contractor to not only understand costs of rehab and managing properties, but also the ability to control them and keep them rather low.

A great Investing Agent will do everything in their power to locate them, and gain control over that interest in some fashion or another.  

Yes he can create a limited partnership and give the main interest to his son and still remain in control of the  property so when he sells the property he will only get taxed on the percentage that he owns.

You're in control!

Remember you don't have to own a property to control it.Download BP’s newest book here some good due diligence in Chapter 10.

Additionally, you are precisely asking for the secret place to buy the good loans.

Great numbers and job done.it indeed is the investor that has control over risk

Other motivated sellers are in bad situations because of cirmcumstances either beyond their control or unwise decisions they've made.