There are some great competitive advantages when entering from OOS.

What's your competitive advantage?

I can understand the reasoning behind only purchasing off market properties - less competition for buyer and that often means they get more leverage.

Plus there is so much competition from tons of people trying to get into wholesaling, not to mention the big players already getting the lions share.

At this point, I'd recommend studying your competition (what are they offering that you're not?)

It IS fiercely competitive, though- you have to approach it just right, to get the tasty STR cakes. 

Real estate is a long game, and getting a good asking price when the demand isn't as competitive because most people have similar thoughts to yours - might be worthwhile to take on the investment.

Competition does a better job of regulating pricing than company transparency in my opinion.

How full is the competition? 

This can add up.Property Standards: The house has to meet certain standards, which might limit your choices in a competitive market like LA.Loan Limits: There’s a cap on how much you can borrow with an FHA loan, which might not cover the higher-priced homes in LA.My Take:If you’re set on buying now and can handle the extra costs, FHA could work.