Is it feasible to cherry pick specific variations like a 1888-O hot lips or stuff like that from ebay? I see there are a lot of people selling them but what about people that dont know they have them? Do other people catch it and buy them up or is there an opportunity to make some quick cash to fund this addiction? If it is feasible, what other types are out there that might be worth looking at?
There are many people who aren't familiar with VAMs, so it is definitely possible. There are also a lot of collectors familiar with VAMs that watch all the online auctions. So, sometimes a number of collectors will catch a popular VAM, and the coin will get bid up; other times, only one person (or no one) notices, and the coin can go for cheap. Generally, the more popular, and obvious VAMs (like the Hot Lips, Scarface, tailbar, micro O's, ect...) will get noticed, but you never know. I've had a couple of pretty good cherrypicks off eBay, my favorite being a VAM 9. As for what types of VAMs to look for, there are plenty, the more popular coins are in the Top 100, Hot 50, and Hit List 40.