Then, suck it up and go speak with the individual or individuals who spoke about the strategy that you found interesting.  

Can anyone speak truth to that?

@Brett Snodgrass  in my mind totally market dependent.and generally speaking if you have no other way to get properties one probably relies on them and you wade through the garbage to find a gem.those that tie up MLS properties and then try to resell then like happens in Texas I have ZERO respect for... to me its bush league.I know my clients get deals from wholesalers but me personally I don't have time for them. far to many are brand new and do not have a clue and the one's that are experienced have their buyers already...

@Everyone and the lurkers -For your flips, save your selves a headache and only accept FHA/VA/USDA offers if the loan officer you speak to gives you absolute confidence that she or he knows their FHA/VA/USDA stuff well.

Here (Canada), if you do not claim a Capital Cost Allowance (CRA speak for depreciation), then it will not be recaptured.However, in most cases it is beneficial to take the CCA (depreciation) in today's dollars and knowing you will eventually have to pay it back with tomorrow's {discounted} dollars.

Does anyone recommend that I speak with an attorney before I start putting in offers?

I guess at what point in this process do I speak to an investor and present my calculations showing profit?  

     @Michael Evans Most realtors I speak to say things have picked way up, and the market in Coachella Valley is quite active.  

Speaking specifically on what type of living rental is best, that comes down to what your situation is.

We've spent the last several months education ourselves, mostly via books, but also speaking with a couple friends who are involved in investing.