I am in the process of finding my first mailing list,  for a direct mailing campaign, the site I've read about  (findmotivatedsellers.cm, listsource.com,etc) all have terrible reviews. 

I would analyze it both ways:Current Rents - Determine my offer based on how it's currently performingAdjusted Rents - Determine how it will perform once I get it stabilized at market value

Wait a bit to understand how your property performs and readjust your strargey for next one. 

I don't know whether this is typical, but my experience is based on several years buying foreclosures, and my wife as a VP for a finance company with non performing loans, many of which were real estate.First, for the foreclosures I looked at, most if not all were at public auctions.

For instance, what if I identify a property for the exchange, but then, after performing due diligence, decide against purchasing the property due to a defect that is uncovered during the inspection?

Value it entirely on existing performance.

You stumbled upon one of the best real estate investing sites on the internet!

Is a 4-unit property required by law to have laundry on site in the state of Nevada?

This site is great for networking and building your power team to get where you goal is.

I'm going to see the properties this weekend.I also have a lender that says they will do 100% financing if I have the financial sheets, leases proving the current performing income.