I've come across way to many people that have purchased on Pro-forma for example and have gotten burned.

Its a small town and you don't want to burn bridges.

They could burn your house down.

The market will keep rising, but your money will not be working and earning as much as California appreciation, if you invest somewhere else.If you invest out of state and earn an additional $1000 or $2000 per month, that's $12K per year before taxes. it isnt enough to make a down payment on a burned out garage, in the worst neighborhood in So.

If you're not prepared for this you could easily get burned out in the first year or two. 

You can force any strategy, but the amount of time/energy to find that deal is going to be much higher than taking what the market is offering right now. 

Definitely not a slow burn. 

What are some things we can consider improving that will have lasting value but won't be a total waste of time/energy/money?

Just cut out some extra energy drinks, too.

Once you burn up one lender, go to the next, as they don't have limits on the amounts of properties that you can finance.