In your scenario, I would say it may make sense to do so. 

Does it make sense, in the cold light of day, to think that they've really got these fabulous bargains, reserved for just the select few who are happy to start off with a minus $25k balance?

Very good to know that makes sense.

I am looking into purchasing my first property in pittsburgh and rent it out as long term investment.I have following hopes/strategies:- Safe area (B/B+)- Reasonable cash flow- Good appreciation potentialI am thinking following locations (which can totally be non sense)- Attract high income workers (close to IT hubs?

Would it make sense to make an offer? 

I'd think it would make the most sense just to connect them and have the owner do the vetting (CHBO's model)

When running various rent price (income) scenarios to see the impact on your monthly cash flow, you are "penalized", in a sense, for increasing the rent price.

Good luck finding a mentor for your deals.With that amount of experience, maybe it may make more sense to go into business for yourself and run your real estate business on the side. 

Considering you are limited on capital it might make sense for you to try out an FHA loan and get some first hand experience as a landlord, including what it's like to manage a property.

If the deal makes sense Jay Hinrichs could probably help you out.