Market OverviewThe Los Angeles office market is comprised of 210.4 million square feet in twenty-one geographic concentrations ranging in size from the 38.9 million square foot Downtown submarket to the Mid-Cities submarket, which accounts for 1.8 million square feet.

Markets depict appreciation and rent growth into market price.  

Most wholesalers who have 20 contracts at a time are spending a lot on marketing in order to secure so many deals.

Your goal should be to have performance cap rates at 7-8% on something with a market cap of 5-6%, which gives you a healthy 200 basis point spread from the going market rate. 

Not only will it have a negative effect on landlords, I would imagine some owners of single family homes will choose to sell to an owner-buyer, thus reducing the number of rental properties on the market, making it more difficult for renters to find places to rent.

I assume you know the market well if you're from Newark but again I'll ask, why?

Off Market through a broker.

Is the market too oversaturated?

How it goes from here is dependent on the market, how the deal is financed, the sponsor's plan to patch things up, and the skill/ability of the sponsor.If you have some time, check out this forum thread, it has 279 responses as of today:  https://www.biggerpockets.com/forums/960/topics/1185204-ashc...I think you'll find some useful input there. 

When I talked to RTR, they told me it’s the same market.