It depends on what the lender wants and if they have any prior appraisals of the property in question.Traditionally appraisers use three different methods to arrive at value and reconcile the three - the sales comparison approach, the income approach and the cost approach.

Forensic cost segregation studies will be key in identifying and substantiating preferred tax treatments as this is the #1 method preferred and recommended by the IRS.

The only other option I could find was Registered Letter, which costs about $25 per letter... 2 tenants would have to get letters... and then I would have to also send the deposit back after the waiting period, so that is 3 Registered Letters if I use that method, which would cost about $75 total. 

Any recommendations from you guys on lead generation methods to send out mailers?

As Michael said, the language is very broad but the few institutions I've seen are only doing a "check the box" method. 

And thus REI is all about marketing.With so many people all claiming to be the masters of marketing, and with all these stupid and retarded theories of lead gen floating around you need to stop, take a few steps back and NOT just dive in just because others are doing it, or just because you "like" this specific method for lead gen.So here is what you should do.

Please tell me if I'm crazy for even thinking of using this method instead of just going with a 5% down 0 point 2.75% 30 year conventional loan.

If I had to do it all over again I would consider the following:Top 10 Lessons Learned: 1)Location is still everything.  2)Vacation Locations are more susceptible to significant upswings and downturns.  3)Transportation methods are an important consideration 4)No matter what, DO NOT trust ANY of the "current" OTA's (Airbnb, VRBO, etc), they are NOT looking out for your best interests 5)Whether or not you use a management company, prepare to spend more time dealing with them than you initially anticipated, so you might as well self-manage, and it is "doable". 6)View the properties as inventory, not "homes" and be prepared to pivot quickly. 7)Define "guests" for yourself.

I’ve used a combination of methods to build my portfolio but now I’m looking for outside help, thanks!!

@Mark Benevento‘Would be more than willing to pay one months rent for them elsewhere’, sounds like a cash for keys option and is one of the most popular methods of getting unwanted tenants out of a property.You haven’t provided anymore information about the tenants or what grade the property is (B, C, D?)