It's a tough loss.

It's easiest for me but there are plenty of other competitors with similar products, for what its worth.I used a commercial loan and an LLC to limit liability. 

Essentially legging into a property for limited down payment?

Also, don't limit yourself to just Cali's inventory.

My last "loss" was to a Chinese pop star paying cash who told her broker that she would "pay anything to avoid a bidding war." 

@Eric TanJust based on the limited info, I would structure a Lease with an Option.

Some HOAs put restrictions on the number of rentals in a given community (such as 30% of the community can be rentals while the other 70% must be owner occupied), and once that limit is reached, the HOA won’t allow another rental.  

I don't deal with borrowers, I deal with loss mitigation firms, servicers, attorneys and property managers.

Needless to say I don’t sleep much.Experience:We have some limited experience in real estate.

There is a city ordinance limiting unrelated occupants to 3 per unit.