@Spenser Harding I went back and double checked my notes for a VA compromise sale (short sale). 88% of the appraised value is the minimum acceptable amount, so maybe they are playing hard ball, or the negotiator is inexperienced, etc.

In wholesaling can you double close with liens under the property?

It's a double sided sword though.  

I look for double wides on auction.com and hudhomestore.com and some times on MLS.  

Bay area properties double in value every 10 years religiously.

You are paying more than double that.We also have the 50% guideline, which says that your gross rents will yield expenses of $4,400 x 50% = $2,200/mo.

Based on my numbers, if both rented out, I could be easily getting a CoC of double digits...Any feedback appreciated!  

I can double check.

Although the HOA fees are very manageable right now, what will happen in a couple of years time - could the HOA fees conceivably double or triple because of increased flood insurance rates? 

As a small time independant landlord for now, doubling of their rate was not acceptable so I started looking again.