I found a local lender who offered a pretty interesting product (at least from the standard stuff I've seen)First Time Home OwnersOnly 5% DownNO PMI3.75% InterestIncome Limits Waived for the Area we are LookingProperty we are looking at is asking $399k but we believe $350 is much more fair.

Although to be fair I was involved in 2 or 3 sales where the buyer (not represented by me) used them & did make it to the closing table.

assessed value is always significantly lower than market value..also with prop 13 maybe its on sales price.. but same thing.. out here its not like other states were its just a % of what yo paid for it or what the assessor assess fair market value basically annually .. like you see what happens in Texas when things change hands. 

I am actively trying to build connections and seek guidance as this is all fairly new. 

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.6.

I hate to burst your bubble, but...fair warning, I'm approaching you with a very sharp object.1 - Your priorities are skewed2 - Setting an ultimatum of "6 months" to get your first deal, can only lead to trouble...and result in you taking the best deal (even if it's a bad deal) you come across during that time period in order to make your "deadline". 

What I bring to the table is:* strong analytical skills* come from a family of builders, so pretty proficient in finding the "gotchas" pretty quickly* fairly keen sense of aesthetics & what aspiring renters prefer* good knowledge of basic maintenance and repairs * 30+ years of marketing/marketing communications background* strong negotiating skillsWould love to connect with others in the area. 

I accept that as the reality but then look to ways to devise regulations that are fair to the landlord, who as it's said doesn't get a lot of sympathy.

I am fairly new to real estate investing.

Should I submit a purchase agreement to the owners for what I feel is a fair price, even if it is much lower than what they owe the bank?