Sending mail pieces for months just to wait for their response would be a big waste of time.

It's one thing to say "I was walking down the street one day and ran across a million dollar bill" and reality...not saying this isn't true, but my PFS says I'm a millionaire too and it's just a piece of paper...owning a million dollars in real estate doesn't mean you're a millionaire.I'd be game to chat offline to take a look at your model...always open to learning and growing from others experiences. 

Even if it's not required, what seller in their right mind is going to sell you a piece of real estate without an earnest money deposit?

The mail piece itself is what’s more important.

Throw me out your availabilities and I'll piece something together!

Last piece, it sounds really great deal, just add 1M rehab and take some time can add great value, so any reasons that the seller is not doing that?

In my experience it makes for great returns.Last piece of advice I have is when you are figuring out what rent to charge do so by determining how many students can fit in the house, keep in mind some rooms may be big enough to be considered a "double", and then determine what the average rent each student is willing to pay.

its common to see in a state were fractionlized HML  like CA  the beneficial interest described in the assignment might read.33% to Jay H  33% to Angela R and 34% to Zach B... now were it can get tricky is many times these lenders are using their sidra and its hard to chase them down.. as the return address on the assignment might be the brokers office like it was when I did this.this is why these types of transaction NPN  all of these deals trying to find these little pieces of notes are easy to talk about in theory but for most very difficult to chase down in practice.. 

I did buy a 4 acre piece of property outside of Dickson last year but plan on just holding onto that to build as a retirement project way down the road.  

All said, this strategy gets someone to pay you $1400 a month towards owning a piece of real estate, which plenty of people see to be a good deal, including myself, just not for me right now.I will guess you are looking at KA/MO because CA is out of your price range.