And the market is so competitive here that we plan to wait until our next investment in San Diego unless some amazing opportunity came up. 

Competition for value adds is great.  

There is a lot of competition for these properties in San Diego, but investors are finding them (unfortunately, mostly not me :=).Have you considered a value add investment such as a BRRRR?

I am not sure how many of these property types (specifically quads) are in supply and SD being a competitive market am not sure if anyone has actually been able to cashflow positive on a property of this type?  

All of this equates to a less risky investment for a lending institution and can also result in a more competitive interest rate for the property owner.The Bottom lineMuch like stocks, real estate investing allows for one to be successful through several different strategies.

Additionally, based on the market conditions and your circumstance it may take you some time to find a property and get your offer accepted due to how competitive the market is right now for home buyers. 

@Scott Steffek  well I guess you could do it if you had Zero quality control... on what you purchase but even at that you have competition at the lower end in INdy..

Hard money lenders are going to have relatively consistent rates amongst there competition.

With things going in the direction that they are going, it may get a bit higher but overall these numbers have seen to be pretty competitive among other lenders for our space. 

after principle, interest, insurance, and hoa fees. i believe im looking at 1200/m  .. which to me sounds ridiculous as my loan on the 218k house was 1200/m. add another $100 for repair costs(hoa covers outside i only do inside) then i break even at $1300. so renting for $1300-$1350 to stay competitive.