We just need to be smart in how we invest (at any point in the cycle).

It seems like the housing cycle isn't necessarily tied to the overall economic cycle.

Banking on appreciation at this cycle in the market is madness. 

Burden of proof on them for delivery, and only you can accept it and release funds.Also, I would consult an eviction attorney and see if you can get a stipulated judgment for the eviction and make that a requirement as well.

Wondering if the bay area will be largely protected from any normal recession cycle because of these IPOs.

However, we all know that real estate have cycles so I was wondering should I invest now?

We have located good investment properties, but the bids have been at levels we just don't think will provide enough return at this point in the markets cycle. 

You will fix the property, get a bad tenant that will destroy the place, fix it up, new tenant, bad tenant, the cycle will repeat itself.

Some judges will accept proof of delivery if you present the signed receipt from certified mail, although I would never try this because you're depending on the defaulted tenant to receive the notice.

And the worst case, if it was sold to a larger lender..... good luck.If you need the release, put the burdon of proof on the seller.