I think it's a fairly competitive market over there.

that is a lot of competition.

http://www.biggerpockets.com/blogs/4430/blog_posts/32194-attention-wholesalers-2-ways-to-stand-out-from-your-competition

Because the of high demand, even that arena has become quite competitive and prices get bid higher and higher among the 2-3 folks (other investors/wholesalers) you're directly competing with on any given potential deal with a motivated seller. 

It is a blanket loan type product, I'm not sure how competitive they are with terms but they have sprung up for exactly this type of transaction.Something else to consider is instead of pursuing loans directly against the properties, maybe look for a LOC for your business.

@Martin S   what you are experiencing is a competitive market.  

I'm now in the Bay Area working for an IT company, and it seems the rental market here is very competitive...so I'd like to put my best foot forward and not scare anyone off. 

Elizabeth Colegrove I would love to go way below on this deal, but my area is super competitive right now and that house is in a great neighborhood.

This is basically when agents, particularly in competitive areas, put up sold properties for sale.

Like I said, the bigger of a pain it is, the less competition.