While benefiting from a great location and solid bones, and a good rental history, there is no denying that the dearth of inventory and the general frothiness of the real estate market must have played a role. 

Your financing will also play a role.

I'm using Loopnet to find deals and work the numbers, it's merely an exercise to get more comfortable running numbers:The "deal": http://www.loopnet.com/for-sale/ca/?

I don’t do technical work much anymore, and the work is full time employee type work rather than contract work as is so common in tech for engineering roles.

I'm going to pass on this because the rehabbing is way over my head and I want to stick with what I understand, and, I find the exercise in learning interesting. 

@Anthony Wick Generally I say 50/50 is usually ideal, unless it’s like a husband and wife situation, or each person has offsetting skills and roles are clearly divided.

But also agreeing with @Wayne Brooks this sounds like a wrap around deal otherwise the existing lender could exercise the due on sale clause, another thing to look into. that's my .02

As an added benefit—as you tour deals you are building relationships with the brokers and building that trust that gets them to recommend you as a buyer to their sellers.If touring the properties is too much workload or travel for you, get a partner and make that their role; while your role is sourcing deals, underwriting financials, and making offers.

Now it is pricing change which is a constant learning exercise.

If the property doesn't settle, he does not exercise his option and he is out $100.00 ---- Wow!