If you can't look them in the face and tell them "no" - blame it on a fictitious partner that controls the funds - he/she said "no" - not you!

Control as many properties as possible and negotiating the offer using the second stage" negotiating technique, first open negotiations with an offer, than close with final face to face negotiations.

I've had to fire several, before deciding that the only way forward was to take control myself.Are you an accredited investor?

Wayne Brooks the answer that I could come up with is because it allows the investor control the property with almost no money down.

Sounds like your not yet ready for these if they are bank owned or controlled. 

#1 covers what could be a normal market in your area, or things out of your control - a bad recession, neighborhood disruption (construction, crime spree, etc) - without any money out of your pocket. #2 covers a catastrophic issue in or out of your control that makes the entire structure uninhabited/uninhabitable for at least a year. 

Get the information you need and always make sure you are insuring that YOU are the decision maker and YOU have majority control in a partnership.Knowledge is powerful. 

Now that you have done some leg work, the next opportunity will benefit from your experience and exposure to the aesthetics and financials of the lost deal.Good luck on your REI journey and please let us know of your success in bagging the 1st elusive deal!

One big qualifying question I would have is, "are you familiar with the local rent control laws?"  

Not only does it now run so slowly as to be virtually useless, it has lost the only advantage it had over Zillow and Trulia.