I have an MBA, but many investors I know have much less formal education and dramatically greater results.

Also, if I put in an offer with a short option period to do my due diligence, such as 7 days or so, is that dramatically going to lower my chances of an offer getting accepted?

No offense intended but anytime someone who likes to be overly dramatic or being flamboyant reminds me of Sarah Bernhardt.

I honestly think you'd be better off house hacking and saving a dramatic amount on housing, which is most households largest line item.

As I set out I want to be sure that the same rules apply and that the REI landscape for the individual or small-time investor is not shifting in any dramatic way.

This is dramatically harder since 2008 than it was in the past.

One quick thought to throw in here....keep in mind that your ARV may vary dramatically based on the type of renovation you do......but the amount of rent you can get will not vary as dramatically.  

Real estate is a very local business - conditions in your market are dramatically different from conditions in mine.

I also don't think that "the next downturn" will help the situation because even if prices fall dramatically ( which may or may not happen due to massive economic and job growth) it may still not be enough in the bay area.  

Land value is probably the most dramatic example of this.