Steve, I'm not sure if you are a licensed realtor, but to the best of my knowledge, this is one of the few disadvantages of being an investor and a realtor buying and practicing in the same state.

But, putting that aside…What are some of the disadvantages to having the listing agent (or someone from the same office) also represent me (the buyer)?

Is being close to Ft Irwin an advantage or a dis-advantage?

What advantage/disadvantage does the borrower face?

I'm just starting out and would like to know if there might be some major disadvantages to one approach vs. another.

You could be at a slight disadvantage in that your offer will be contingent upon financing however, not necessarily as many REO's now being sold are given to owner occupants first in hopes they can get higher price points.Negotiating your price with the bank will be accomplished by working togethere with your buyers agent so have him/her in place.

My competitors that do not have websites are at an automatic disadvantage as 92% of home buyers are starting their search online and sellers know that and do their homework on you and your web presence prior to meeting with you.

ALSO - we have seen managers not even fill out leases correctly putting their owners at a severe disadvantage!

Everything has it advantages and disadvantages also I guess.  

Disadvantages...tougher to sell/refi the properties individually, commercial loans likely won't have a 30 year terms, will be payable in 5 years or so, etc.