I was just trying to illustrate that two similar properties with the same cap rate can demand a lot different prices depending on where they are.

It seems condos in my area aren't as high in demand as SFRs (this is in Irvine, CA btw where SFRs are all the rage)Any thoughts on all this?

There are title, foreclosure and credit issues for the lender.For this reason, Sub-To deals should be short and sweet, the longer these arrangements continue the higher the risk that a lender will discover what was done. 12 to 18 months is long enough to play with, IMO, as upon discover the foreclosure clock can be started and this time frame usually allows enough time to sell or refinance to payoff that demand. A

Could reflect an underlying lack of demand as reflected in an earlier post with regard to Casino's sprouting up everywhere.I would want to understand the extraneous factors before investing.What is the job outlook?

I'm hands on myself and I have a business partner so I have to demand a much higher profit margin for my time, energy, and literal blood, and sweat to make it worthwhile split 2 ways. 

Demand a copy of all tenant paperwork:- Original applications with full names, driver's license, social security numbers, references, and anything else that was collected.

This all depends on budget of course, Asheville is the safer bet because of the supporting economy, but probably won't demand as much on the overall price as something in a resort area. 

Yes, but it will become a case of lack of supply and too high of demand, as the houses won't be able to come on the market quickly enough due to the lag at the courthouses (which is what the article is saying will take so long).So then we may see a boom in new home building, with still a ton of old foreclosures sitting on the banks' books.

I think the biggest challenge when thinking about investing in CA is how, even in cheaper areas, to afford the down payment costs that CA prices demand as opposed to another state. 

Sure, if you demand a ROI on your purchased points you can factor that into the calc however it would just push the payback out a few months.