You see what is happening to SF rents and values because of documented demand.  

@Jonathan C.With no credit and no income (do you mean income that can be documented) then you really shouldn't be investing $40k in a rental.  

Document everything. 

Do you pick from everyone that submits before a certain date, or within a certain time of each other?

My mailer will offer to purchase their land at a deeply discounted price (since they probably don't want it any more anyway).My question is this: I need to know the step-by-step process, and the documents I need to use, when a seller contacts me back and says "Yes, I will sell at that price".

Typically this is how a transaction would go: Get pre-qualified through a bank before you start looking so when you find your property you are ready to submit an offer.

Then, he also told me I don't need to document my tenant screening criteria and that I should rent to males instead of females because "in his generation" females were tougher on properties. 

I usually just make an offer on what the numbers say (ends up with no deal most of the time), but in this case we are very far apart.When do you determine if an offer is worth submitting?

Often times the property is in an auction and you have to bid on it online, or it is on a website for bank owned properties where you submit the offer.

I wanted to ask if it is possible to get a copy of the documents (mainly interested in the Note and Deed of Trust) from Riverside county?