If I were committed to getting started in the Bay Area, I might buy a foreclosure at as low a price as possible and renovate it with a FHA 203k loan. 

Side note on something you mentioned above - from your experience, are there drawbacks to allowing a lease to go m2m after the first year, other than the obvious lack of longer-term commitment? 

Commitment to taking action is #1.

Only if you want to commit fraud.  

By addressing all of the issues upfront it helps you build credibility and trust, making investors more likely to invest with you when you have a deal.Step 3: Be CreativeSyndicators who are creative in their approach to investors are more likely to get commitments and participation than those who aren’t.

By addressing all of the issues upfront it helps you build credibility and trust, making investors more likely to invest with you when you have a deal.Step 3: Be CreativeSyndicators who are creative in their approach to investors are more likely to get commitments and participation than those who aren’t.

But if you, as the landlord, accepts the funds, you commit to NOT charge interest or late fees on rent that was owed by the tenant, to NOT evict the tenant for six months after the local emergency order ultimately expires, and to NOT impose a rent increase for a year after the order expires.

But I've wanted to make a commitment that if this is how I am going to invest the money then I know I need to make an effort to be part of this community. 

As long as you don’t commit fraud, they don’t care...

In your experience, does the lending entity accept tenant commitments as DSCR?