Next, I would check with the City for any zoning violations, fines, tax arrears or unpaid utilities.If the things you can check from your kitchen pan out, then go see the property itself and pay keen attention for deferred maintenance or structural issues.Your gut is correct, if it was a screaming deal, it would be gone.

He runs around screaming and yelling while tossing out $2 bills for nearly two hours.Has anyone purchased any of his materials on special needs housing?

As far as we can tell they only have one person that does everything, with offsite help brought in when needed (when the customers are screaming!). 

At 10% APR interest for 1st position purchase money only, you'll have experienced flippers beating a path to your door and you'll sleep like a baby at night (and no, that doesn't mean waking up screaming every two hours).

I brought a cashiers check for what I would pay for it.. and low and behold a drop bid  all the other folks standing around are just looking at me as I walk my check up and snag screaming deal.

Since the seller, according to your comments, is not wiling to a) participate in sharing the closing costs and b) unwilling to negotiate the price and c) wanting a bloody fortune as a finance charge, I recommend you look elsewhere for a home to purchase.

He would have kicked and screamed and shouted that life was unfair and that construction is too expensive and that reality is a harsh mistress.

A 7.5cap for a Class A property sounds good but I'd keep the powder dry and wait for screaming buys which I suspect will present themselves over the next 6-12 months. 

The west coast must be bloody mess for landlords.

It will be bloody expensive and dangerous.#3b Get a small old home in those hot cities, it will be even more expensive but it doesn't have HOA#4  Find a city where a SFH makes sense, ideally avoid the condos unless I see something that makes sense.