The "we'll lend up to 70% of the ARV" refers to only a portion of the equation. 

All of these different equations are a bit confusing.

By going directly to the listing agent you completely eliminate one side of the equation which provides an incentive for the listing agent to look at  your offer a bit closer since they are potentially getting a higher commission than 3%; additionally you can request that a portion of what would go to your agent go back into the Seller's pocket - however whether that happens or not, is up to the listing agent they may keep it all or split it with the Seller; either way you win... you're offer has received attention.  

This is the best of times and the worst of times....Now is the time to do the "RIGHT" deals.We've been Developers for 47 years through 5 Recessions and I think we've seen most of it.The key is to buy the asset or note at a deep discount (first safety valve), that had a major rehab in the past 5 years (second safety valve), then canvas the existing tenants and sell to them at a total carry (Mortgage/taxes/HOA) that equates to their current rent (third safety valve) thus minimizing Marketing and Sales Commissions ( fourth safety valve) -and that includes taking back a Seller 2nd if necessary, and credit repair if necessary, then in parallel sell the balance to investors with tenants in place (for the units that tenants didn't/couldn't buy) (fifth safety valve), and then sell the balance to the general market (discounted if necessary after all the other deals are done).An acquisition loan for condo conversion will be tough to buy the Project and then have the buyers get individual mortgages as the exit strategy.We have the answer to that -if we JV....

You save a lot of time and hassle with properties like this, which indirectly also equates to $$$.I am not as familiar with O.C as I am with S.C.  

I’m trying to evaluate these places as an investor (e.g. factor what my room would rent for into the equation) to ensure the deals make sense.With DC being so expensive I am looking to put 10% down on a 3 or 4 bedroom townhouse in the 300-400k range (since a multifamily here under $500k is unheard of).

That's not too bad, especially if you're holding, you'll make the money back in cash flow, taxes, debt paydown and appreciation (though in this scenario, appreciation may take a bit longer.)So that's the holding piece of the equation.

If you need to build capital, sure, you could do it with wholesaling but getting your license is not hard.Also, research doesn't equate to understanding how an actual transaction will function from start to finish.

If the other 30% equates to a fairly large number that could support you if somehow all real estate was lost, then you are doing fantastic.

My question about being a student was mostly because I read somewhere that they may count my "student" time into the equation - let's say if I just got my first job w/ my degree.