mailing to pre foreclosures is pretty low return or odds. 

In looking at your competition, it seems like you should be able to pretty easily.

I have a construction back ground, I don’t have time for big renovation projects, but would like the buildings to be located somewhere I could visit semi easily yearly and lay eyes on my investment.

Invest all cashLeverageBuy in syndicate Lets assume someone has say 100-500k in cash and is looking to invest in todays market in MF  Why would you pick one method over another and what would be your expected return etc. 

Try to find what has been overlooked by others and fix it easily. 

No, that number is pre-tax -- I consider taxes a cost of doing business, and don't modify my return targets based on it.As for my "salary," my flipping business is mostly passive from my perspective.  

Your cap rate and cash-on-cash return are currently negative, until you get three tenants and start collecting some rents

An opportunity to put real capital to work SAFELY and for a GREAT return.

Of course, if you apply leverage (debt) to these investments then the returns will be better than 7 or 8 percent (which is why we are in this business in the first place). 

The Seller also needs time to inspect, clean, and repair before returning the security deposits.