The FMV of the property is approaching double that.I also supposed this is a good lesson. 

Would love any Adobe about how to approach investing in that area or who to reach out to.

I'm just not sure what the best approach is with our current primary residence as we are new to real estate investing.

I tend to like the type of rehab rule approach better. 

Talk to the city planning division before you approach the council and see if you can do a public records request to obtain the property’s permit history. 

I would like to work my local market in California but what sellers ask for doesn't seem to leave me with any working deals and working direct to sellers/buyers out of state has its limitations.Would you advise to persevere in California working direct with parties or taking the virtual approach in a different market?

They should also be aware that you will direct the downstairs tenant to approach them about noise complaints and you expect their cooperation.Downstairs tenant - they are below someone else which means they will hear foot steps and thumps as things are moved around.

You'll hear some of the larger folks with multiple properties chime in that this approach isn't scalable. 

So far, I've tried the "spray and pray" approach reaching out to a handful of lenders and have not had much luck yet.

@Ryan Taylor  There are several approaches you can take, depending upon what the homeowner is willing to do, what you're willing to do, and ultimately what the numbers in the deal dictate.