Depending on your area, here is what I would do: research the areas you want to market in (im assuming for wholesaling), find the area that may have the most motivated sellers with homes that are most likely needing rehab in some way to add value (1985 homes and older), contact a reliable list broker, buy a list of 60,90,120 day LATE mortgage payment (this is different then default, NOD, NTS) this typically is .16 to .22 cents a lead, buy 1000, to save money get lined white ruler paper, hand write a note that you want to say to the mailers on a piece of copy paper using the lines of the ruler paper as a guide, then meticulously photo copy that note on the printer using the ruler paper as the printer paper so that you have 1000 nice lined paper print outs of your note that look like real hand written notes (do not hurry on this part, make sure it looks good, since this is your one chance at the mailing with that limited budget), then buy 1000 yellow greeting card sized envelopes from envelopes.com (canary yellow 4x5 ish), buy 1000 real stamps, HAND WRITE the first name of the late payment person on the top line of the letters, HAND write the mailing address on the envelopes, put a real stamp on it, then mail them off in batches of 250 a week if you are by your self or 500 if you have a partner (calls will come in and overload you).Get a way to track every call, return EVERY call even if its missed, go on all appointments, learn a ton, make something happen.This worked for me to get started once I had a budget. 

I didn't check it, but check your program to the TI BAII, it's accuracy is better than one tenth of one per cent in rounding over 360 months (which is a requirement for the APR disclosure).....I used a slide ruler as a rubber band gun, thought all those numbers were a gauge for shooting the ammo.

Most investors look at the 1% rule.

It follows the classic 1% rule (rent is 1% of the purchase price)--or is that the 10% rule where yearly rents are 10% of the purchase price...I never remember.

Trying to follow the 2% rule rent would be 5500, and rent here is expensive but not mental.

In fact, there is no rule really on who pays what, it just has to be paid.  

There is no set rule r time to hold, however, 12 months is typically the minimum but again, the intent is the key for the IRS. 

The 70% rule really doesn't help much if you are using a buy and hold strategy, with the exception that you know you can have a second exit strategy by selling and still make a profit if you needed to sell.  

I quite like B ham as a market and I am one who tends to favor the stronger B class.. but I like topography of the city compared to some of the other mid west towns that are flat...

If they don't.... well if you read any of my other things on PM I speak of my philosophy of management called an "Iron Fist in a Velvet Glove", the soft approach doesn't work, than it's all Iron Fist, and I mean that in the most tyrannical ruler means possible, the only measure I have stronger than that is when I call up the lawyer which we refer to as "The Hand of God" because thats the level of destruction she can bring down.