My issue is that there have been way too few successful, experienced local RE investors at both San Diego BP socials that I went to. 

Since that time we have been selling off our SFRs in favor of multi family investing.I would encourage you to check out Lifestyles Unlimited we have been members since 2011 and I know of no better place to get around successful like minded people.  

They are looking to close quickly. does anybody have any tips to increase my chances of success on purchasing this house? 

Most successful investors in know in Bakersfield are either finding off market deals or are focusing on value add. 

Always time well spent...Best of luck to you and look forward to following your success on BP!

Also open to any local investor that are interested in helping out a newbie on his path to real estate investing success in this market I’m willing to help out on others deals to learn, partnerships maybe that I do some minimum aspects to take some task off an investors plate so I can learn more hands on and grow.

Always time well spent...Best of luck to you and look forward to following your success on BP!

That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors or brokers in your market and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your success on BP!

Curious how investors have done this or what should be the best steps to accomplish successfully?

If you are looking to purchase a home that needs rehab I would sit down with a mortgage broker and discuss your options and tell them you want more info on the FHA 203k loan and the Fannie Mae Homestyle renovation loan.I have had several clients here in Connecticut use both loans with success and they typically chose one or the other based on their personal situation.