It is better to be cautious on your first one than getting burned by a extensive rehab.

However, I would be cautious now (during peak season) unless you find a great deal (which are hard to come by).#5  private money (other investors or family)#6  portfolio lending#7  Hard money#8   1031 exchange existing properties that have appreciated to move into a new market.  

Stephen,Be very cautious because that makes little sense, meaning  you qualify a borrower for a construction loan up front prior to the work being done or the start date.

She's a protected class so you must be cautious.

. * We are cautious investors, and like the safety that comes with being debt free (thus why we are paying cash, for properties). 

If you are going to have a property manager, this might not matter but if you are going to manage these properties on your own, I'd be cautious and make sure to get a good deposit.

I've read Deals on Wheels and understand the need to be cautious with Dodd Frank.

There were certainly plenty of years in my life where the threat of losing everything I had just wasn't very scary... because there wasn't much to lose ;)  Now I am more cautious.

It is starting to pickup now that I have networked with a bunch of people, but I am pretty cautious with who I lend too. :)

Putting in all your cash reserve for a Bay Area property and rehab...hmm....I would be cautious.