Still up here in Tahoe you can buy a house worth 800K and write off all your property taxes.

There are many ways to resolve a bad investment, often it is a write off.

And the only reason I'm writing "almost certainly" instead of "certainly" is because I don't want to waste time on an internet argument with someone who thinks they are the exception because xyz and abc. 

Since the Bay Area market is crazy, I am looking to partner with someone probably as an investor in the beginning.Coming from the software industry, I have pretty good project management skills as well.

its best to have this done.. you want to have your financing and proof of downpayment .. those should accompany any offer you write.. that's what your competition is doing. only way you would not need these is if its direct with an owner who is just clueless ( and of course there are many like that )  but they are getting smarter  :)

Depending on what your investment strategy you may need to be able to write checks, send wire transfers, get cashier's check, pay expenses using VISA or MC debit card, etc.

This is especially true if you want tax write off. 

Sometimes the same write-off can be on line A or line B, and that choice can make a difference. 

Just wanted to thank @John Jacobus for writing this gem in here.  

This should be in writing when accepting the deposit.