In bay area you have to be extremely creative and think like business person to create value there re lot of opps but if you copy paste the normal way of finding cash-flow, you would not be succesful.

Yes you can buy properties extremely cheap there but the flipside is that once yoI've rehabbed them, recouping your rehab and purchase money will prove difficult because of the low property values .  

But finding such a loan on a primary home would be extremely challenging. 

I would be EXTREMELY CAUTIOUS!!!

Steve you probably thought of this but in your state you can be the bank without a license and with your very deep knowledge making new origination's for investors could be a very nice play that will keep you engaged somewhat mentally and returns should be 12% easily and for you extremely safe.

Many owners of them are getting hit with extremely high assessments lately because of the lack of structural integrity.

Any information or references would be  extremely helpful.  

Additionally, the property was extremely affordable for our area, making it a low-risk investment with a high potential for a good return.

I'm particularly passionate about cultivating an extremely tenant-satisfaction-focused mission in order to distinguish myself in the rental market. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.What else can we assist you with?