The question I have is, I know the cost basis gets carried forward with a 1031 exchange.

As long as you carry sufficient reserves, it's a great way to grow wider faster.

I've mailed a few letters but I'm not getting any traction with it.

Make your own letter or use a company like Open Letter Marketing to send those owners letters.

Owner carried 500,000 until we found buyers.

Lots of people talk about direct mail campaigns and how they work when someone replies to a letter.2.

pPostcard or letter mailing lists?

I've most recently used Yellow Letter HQ.

We highly recommend going the extra mile and giving your appraiser a letter/description of the area/trends that your property is in detailing how you came to the number you arrived at regarding value.

I've sent out letters already but they can get expensive.