If it's a 1 family, then you might want to look into the HomeStyle loan, which will lend on 15% down for investors.Alternative methods can be to go ahead and do another FHA loan, if you're able to refinance out of your first property into a conventional mortgage and owner occupy the second one you purchase.Or you can look into hard money or private lenders.

Also, what method of mailing do you take: Postcard, Postcard, Letter, Executive?

I agree with @Ryan R. as far as method.  

I am on the Refinance step of the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method for my 2nd property.

May not be able to charge as high a rate/night as the overnight business but I prefer the stability and less hustle in extended stay.Valuation is based on two methods and eventually boiled down to negotiation with seller.  

Nine out ten of my deals come from direct mail and even though it seems very old school it's a tried and true method that yields the highest return.

What has been your method of looking for deals?

I also offered to write them an IOU for double what the course cost if they would accept me into the program and teach me the methods.

And what are the pros and cons of this method.

Again, these are quality leads from a direct mail campaign and other methods.