I am cautiously open to areas (Kern, LA, Riverside, & San Bernardino counties) nearby as well.

I'll be cautious.

Lastly, of course, be cautious!

And even fewer have any real experience doing them.I'd be super cautious about what they're offering. 

I'm just cautious of scams and similar.  

I'd be a little cautious on this because if you frequently back out of deals, you could get a bad name and that would potentially hurt you in the long run.Also, if you end up not being able to find a buyer you don't actually have to close you would just lose your EMD.

Be cautious regardless of what you do.

These are the guys we borrow from and although they are cautious and cover the bank's interests you can build relationships before you actually borrow.

Also, a lot of lenders don't lend in Detroit, so be cautious of that. 

I would be very cautious if using a 401(k) to jump into real estate.