Desirable.  

You just have to identify the properties you find desirable and how much you are willing to pay, then hope it actually goes to sale (and isn't postponed or stayed) and then hope you can get the winning bid below your max bid number.

Keeping in mind that your house's layout as a 4 bedroom is less desirable so probably on the lower end, all other things being equal. 

A cookie cutter  approach to rehab may lead to poorer quality but by the same token too slow rehab isn't desirable either. 

We are sitting on the money while we sort a couple things out which will allow us to get our budget higher to our desired range for the next property, but I like having the option to buy at any time because the money can be withdrawn when needed.

I have several offers in on properties throughout Philadelphia and know for a fact that I'll get a few accepted or counter offers close to my desired purchase price.

From there I'm planning to renovate distressed properties for buy and holds out of state for cash flow purposes because as @Mike D'Arrigo mentioned cash flow in CA leaves much to be desired.

Are you sure you can't reduce the improvement budget and still offer an desirable product?

The OA gives them the entire process of how they need to info the Investment Group of their desire to sell, their target price and the fact that the Investment Group has the Right of First Refusal should they find someone outside the group that would like to purchase their ownership stake.

I understand their desire- but not how they plan on starting without a commitment to education first.