Personally, I think most Bay Area real estate is overvalued right now, based on historical indicators, and I am not buying (except for the very rare great deal).

The answer is in their responses (or lack of) to the many helpful and concerned follow-up posts.I am looking forward to that wonderful and historic day that @Nat Chanposts about a moderately successful subcontractor that produces quality work at a fair price. 

The offer typically lists a number of things that it is subject to - interior inspection, lease agreement verification, all leases current, historical NOI, whatever.If the seller can't then verify, that's when you decide to negotiate or walk.NDAs and verification once under contract are typical of most deals I've looked at and heard of.

Furthermore, I would be cautious with 100% financing, especially if you are in an area with historically flat/low appreciation.  

Look at historical assessments both monthly and special.Hope this was helpful, Happy Investing!!

Some of this learning curve on the project has delayed the project more, but honestly the bulk of the delays were our fault or attributable to historic weather delays in Austin.  

Check with the power company, they may have folks available to work with you and guide you through the pros and cons of per unit metering or they may be able to make usage projections based upon historical averages for like kind units from which you can bill.As for the insurance... perhaps the previous owners never made a claim as they didn't want to pay the deductible, but the coverage is in place.  

There are a lot.of options from historic areas with huge homes, waterfront,  beaches, high end country club, to mobile homes, farm land and low end duplexes.

But at least in the Bay Area, they are definitely being helped by the non-permanent forces (one might say a temporary, targeted stimulus) of a tech boom & historically boom-time unemployment (3.2% in SF), foreign buyers, low inventory (below a month in many areas), and the crazy low rates that have been sustained for so long (down 300bp from 2006), with few other places to put the money to get yield (yield & spread compression for Fed to push everyone into risk assets).

In general I would use historical data, of course, when available.