Your reasoning is similar to mine, I do not mind taking a $50 hit in profitability in order to compensate for other good things.

We find you undervalued buildings in popular tourist locations, renovate them, manage them, and then pass the profits on to you, the investor.The same is true here.So what’s new and exciting about this project?

@Stef Martin if your intent is to scrape and rebuild, then you need to use comps that are new construction in the area to back into a value on the land by subtracting all of the costs to do the deal including your profit.

If you leave them plenty of room for their profit it's no big deal.The factors to consider can be the amount of profit that's in deal. 

I compared the lists and talked to people and simply took the dive and invested in Boise- I had neighbors from CA move there, had some friends who invested there in the past and took a trip and liked the area. 

Small deals small profits. 

In regards to your actual question, I would say it is unwise to simply wait "until you meet people with big bucks".

If you have a family, work 3 jobs to feed those little mouths and you just don't have enough hours in a day to do this on your own.. sure.. that is a good reason to get a mentor, HOWEVER if this IS your life, I still doubt you will make it simply because you have other priorities.

This would produce a much lower top line revenue but my net profit would be potentially higher because I am capturing a high percentage of the rent collected.

unless its a sherrif sale  In Washington its just one notice@David Friedman  CA there are two notices as you mentioned  in WA and OR trustee sales just ONE notice.and even sherrif sales just one notice.. that will have the sale date in it as well.What WA OR and CA investor need to check out though is buying assets that are in pre foreclosure there are specific rules regarding those and profits that can be taken from them.