I think California foreclosure is on a 21day notice, so you may wait to do pre-foreclosures until you build a pretty decent buyers list, otherwise you may be pulling your hair out trying to find buyers at the last possible moment as they always call the the second before it's too late. 

Worst case the "investors" take a hair cut when they sell.

As I was getting my hair cut (and dyed) yesterday, two hairdressers asked me for advice regarding buying rentals and personal homes.

http://www.biggerpockets.com/renewsblog/2011/08/08/is-your-significant-other-on-board-with-your-hair-brained-house-flipping-scheme/This is the link to @Danny Johnson's article.

I do my inspection, but I don't go through it with a fine tooth comb.

The other thing I would do is make sure you tell everyone you know or encounter that you're looking to buy, (family, friends, hair salon, nail salon, literally anyone you can engage in small talk).

I believe what is really bringing down prices is the "silver hairs" or older folks.They have already made their money, and most of them own their homes.

They have system in place where they feed off the new agents through profit shares.So when a brokerage charges fees for fat splits to new agents retirement funds are being fattened onthe upline.Many agents that gravitate toward lower fees are struggling agents or are investors.Investors can get you in hot water sometimes trying hair brained schemes to make money.Struggling agents either are part time working a JOB or work full time but don't have many deals close each year.Both make the agents require alot of training and time because they are inexperienced or they get rusty doing a deal.

You are free to select anyone who meets your requirements, if you have decided to rent only to people with black hair, then so be it!

We generally find that properties with hair have motivated sellers.