It does appear an interesting alternative though.  

:)I would get yourself some education on alternative methods of finding deals, it's fun and from what you mentioned it appears you like rolling your sleeves up, researching, etc. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I also think it's more respectable and easier to give them an offer as you did and let them decide what works best for them, makes you appear as less of a predator/bottom feeder.  

(Episode #004)On the surface it might appear that having everything "under one roof" is good thing, but that's NOT true all the time.Case in point:  We used to work with one of the best rehabbers we've ever worked with in almost 12 years in this business. 

Hello BP,I looked at an REO and found there is an ongoing "situation" with the easement of the developed properties.This  property has homes that date back to at least 1959, the subject property was actually built in 1959.Apparently, the developer (appears to not be one of these large development corporations but a family that sold off lots) who developed the neighborhood passed away had part of the land titled to his wife who at some point passed away.

We have added some new members to the group and our numbers appear to be growing.  

All in all it appears no major repairs are needed, just cosmetics.

They appear to be in C type areas and houses average about $40k asking price with published rents that look slightly high.

What I have found is that people like the low-income/high cash-flow properties, because on paper, it appears that you are going to get great cash flow or a great cash return, and like I experienced first hand that is not always the case.