From the countless failures I have experienced and the guidance of mentors, I have discovered, distilled, and applied this formula.

My friend and I are looking for any guidance regarding the approach we should take when contacting the owner; i.e., what questions to ask them, what information to disclose about ourselves Furthermore, should we have a real estate attorney in case the owners are interested in selling? 

Most valuable question that I never asked and that a builder accidentally said out loud it made the difference.

I attended the most recent BP conference and have found it valuable and helpful even after the fact. 

But if I calculate $75 in my offer and the bid estimate comes in at $65 then I have some margin (I think).It is very expensive in the San Francisco Bay Area so I need some local experience or guidance for finding out this information.

Never hesitate to ask questions and seek out guidance from members here on BP.

If you have a Realtor working with you, they should be able to give you some guidance.

I have tried to call the office to get some guidance, but so far have not connected.

Those would be valuable. 

As a rule of thumb, larger homes and better locations are much more valuable in the STR game, but they cost more since they are worth more in the real estate game in general.