I bought some property in Oakland and Richmond during the financial crisis- but I agree, things are a little hot in the Bay right now..

Anything above that range will be outside the financial grasp of most tenants so it will be hard to fill vacancies.

So should I:a) mail to the financially distressed homeowners anyway b/c they may not understand their optionsb) mail to absentee ownersc) mail to high equity ownersd) mail to probatese) you have a better idea!

Given that we are carrying ALL of the financial risk, I am having a hard time seeing why this would be reasonable or fair.

(just expressing what I would do, not what I think you should do - it's your business) My goal would be get out of the situation as quickly and painlessly as possible and I would not sweat the financial impact very much. 

This is committing financially and emotionally to an actual real life decision.

@Timothy Murphy IIIAre these properties picked up pretty quickly by all cash buyers or would I stand a chance going the financing route? 

I have contacted the sellers agent and they are willing to share financials with me when I sign a CA. 

There are a lot of financial planners out there who will tell you to pay off student loan debt before investing in RE.

There will be government help that may offset your losses enough to help you keep afloat financially.