But your dead on I bet 100's of thousands are spent each month on mailings that those mailing them will never even answer the phone or call back..

I spent about $8k and a few weeks getting it ready. 

@Manuel Savorelli  I wrote that e book for foreign investors who were having a hard time with figuring out where the good markets were and what to look out for in the US.Glad you found it useful....

A lot more than you would for a mortgage, then if things go wrong you'll have a lot of angry people knocking down your door.I understand what you are saying about the cap rates but I think if you do a lot of digging you can find realistic 8 caps in Florida.Matt I spent several weeks in Miami, WPB and Ft.

The most I've bought at 1 auction is 5.You also have to constantly know what denominations of cashiers checks you've spent.

I spent thirty dollars to hear some guy talk about making millions in four months.

Just remember $300 spent now will save you thousands later.However, to me the key is the last sentence where it means take title subject to the debt.

Over the past 8 months our landlord has spent no less than 20 days working in his office right outside our bedroom window.

That means it would take you 11 years before you recovered the cash you already had in hand,...before you spent it on equity.Your current PV is $5M. 

Unless they are some kind of prepper who is hording gold and silver for when the world ends.Your time is better off spent researching more practical real estate methods.