Check with your local RE commission.

Current tenants have taken excellent care of the places, so they will be ready for immediate occupancy with little or no rehab.You may view them on Craigslist here: http://washingtondc.craigslist.org/nva/reo/5055430...and here:http://washingtondc.craigslist.org/nva/reo/5054501...These homes are not foreclosures, short sales, or flips, and the prices listed reflect a realtor commission.

Remind the seller you are saving them the RE commission and maybe they will come off some more.Also $20k is a deal breaker.

They usually work on commission-based pay. 

W/ realtor commissions & other costs you would net ~$163K.  

I was wondering how to structure the JV part of the deal on my end.Deal:I found it (and want to collect the 3% commission on the buy side...

It is still possible to get a good deal on an REO - especially if your a buy and hold investor, but if you're looking for huge paydays and swinging for the fence, you'll need a time machine to return to 2010 & 2011.As Brent P suggested, find an agent who specializes in REOs - especially one who lists them becasue they get to keep the whole commission when they sell you one of their REO listings.Be prepared to wait though, because sometimes it can take a month for a bank to respond to an offer, even if the offer only give them two days.

I have heard some of the advantages to getting a license (e.g. access to MLS, saving on commission costs, access to viewing more properties, etc.) but I was curious: as an investor, what are some of the disadvantages to getting a license in the state of California?

Then on the addendum I state I am not currently represented by an agent but reserve the right to obtain one (that the listing agent will have to share their commission with) in case my offer is countered.

The agent who brought you the deal will get the full commission, which certainly seems fair in this case.