You actually are considering hiring a lawyer and filing a lawsuit only to drag some poor schlep before a judge thinking the judge is going to tell him to write a check for $50K just so you can buy a house at a bargain? 

I'm fairly new as well and have similar goals.

They create a show home with too many high end finishes/features and fail to grasp fair rental condition.

I am fairly new to REI but have become extremely passionate as of late. 

Our Market is fairly tame. nothing too crazy happens either way.

I recall back in the mid 70's when rates were around 7.5% or thereabouts and people said that was a bargain.

Very fair, always profitable. 

Having good credit is a really good bargaining chip.

You should be developing strategies to get in front of owners/sellers directly.As far as who these buyers are, this entire year has seen a lot of cash move into real estate:1031's finally able to get a fair price for their relinquished propertiesFlight from the inflated stock marketRace to lock in the fleeting historically low interest ratesPeople seeking tax benefits of real estate not available in other assetsForeigners sick of the abysmal returns on treasury notesThe good news is that very few of these buyers are talking to the owner of the fourplex down the street and establishing a rapport for a property that is not on the market.Good luck.

I'm crossing my fingers that some East Bay BP members see your post and offer some tips, since I have this same question - where can I find rehab, cabinet, and appliance materials at bargain prices around the San Francisco and East Bay area?