Account Closed - You would have a difficult time even if it costs $25k and you put $25k into the deal with an ARV of $120k to find a lender, as you have no skin in the game.

Please feel free to PM me if you're looking for a referral, I have two that my clients really like.  

For each one of those descriptions I could come up with a strong argument for at least one reason why it could be a very difficult one to get below market.   

You are right the area is very expensive, which makes it a bit difficult.

I recall back in '02/'03 so many Sacramento area clients were saying things had gotten expensive.  

I've got a unique project and hope for some feedback:A client of mine is trying to figure out what to do with some land in Loudonville Ohio (Ashland County OH) that is currently undergoing environmental remediation (undertaken by the previous owners).  

CA is very expensive right now so it makes this decision difficult, I would personally spread it over multiple SFRs or a small multi if its a good deal.

It's been really difficult trying to find a property with how fast things move.

It wouldn't be difficult to generate a measly $800/month if you have 200k on hand... 

I've definitely made some money both on the cash flow and appreciation (appreciation was a surprise in most cases).But that being said, the exit strategy is difficult and I can see why people lose money on these ventures.Four pitfalls I see:#1 Lack of control:  Depending on property managers who in most cases do not have your interest in mind.