@Mandi DeGroot We usually hand-deliver an introductory letter and some basic information to the tenant, or their mailbox if they're not home. 

Contracts I've seen have language that allow them to move closing dates as they please, and that basically say that they have X number of days/months/years to complete the construction.

What is the difference between a hud home, reo, foreclosure and why is one better to invest in than another?

I believe in "control everything, own nothing" so basically I want to have the least amount possible into my investments, I want to carry a mortgage for a long time because the COC is higher and having money sitting dead in your property is not making money.

Once you get comfortable with the basics, then you can look into purchasing a property that requires more work.

@William PaceI would definitely check out Josh Dorkin's blog article on the basics of wholesaling.

He also does  basically unlimited follow up calls.

an idea that I had, but havent tried yet is, talking to people in preforeclosure. and offering to rent out their rooms (basically making yourself a property manager.)

We found a tenant pretty quickly on our own and they stayed for 3 years basically trashing the place.

A basic 2 bedroom with a washer/dryer, cable/wifi, full kitchen goes for $350/week.