No reason a tenant should be unwilling to confirm some thing that is already determined (rent amount, sec. dep amount, etc.).The estoppel really protects everyone - the seller, buyer, tenant and any agents or 3rd parties involved in thew transaction.Definitely not just for lenders.

@Nathan Clark you have confirmed for me why I hate water so much!

Thanks everyone for confirming that I am on the right track in thinking that the price was too high. 

Running a title search would probably confirm if the property is included in a bankruptcy. 

Is Kim 2.0, the recent ordinance designed as a moneymaker for long term tenants, a nightmare for landlords in the greater Bay area?  

These investor see it as a safe haven, also if you read into the way the industry is designed over there, it's not the picture of stability.

I am also an architect/designer in San Diego, CA.

If rentals , confirm the average rent for the area - if flips - then find get a local agent to help you run some comps so that you can determine your after repair value.

It's the blue print you'll need to really evaluate the property and confirm your approach and price.I think following the valuation analysis, you'll want to incorporate it into a broader business plan that you can present to the owner, outlining the deal details and how you plan to be  successful.  

I have knocked on doors(a summer gig), sold cars(successfully |salesman of the month out of 40 twice in 12months| & consistently just wasn't around enough winners to want to keep at it), worked in construction (I am currently helping renovate a home in Yakima, Washington), coached high school football, cleaned carpets (straight commission) and recently started a business online and learned several programming languages (HTML - CSS - JavaScript - Ruby - and bit of Python and backend database SQL stuff) and can design a fully responsive website from scratch.