Its going to be very competitive right now because every investor wants to buy 2-4 units right now and most will be paying cash (making your offers using the VA loan less competitive).

Though legal in many states, I’d be careful here.2) Make sure your lender isn’t also in the construction or flipping business.I hate to say it, but some borrowers I know that had issues last year during the pandemic were not treated very well by those lenders who were also their implicit competition.

in the old days HML charged interest on the commitment.. as competition came to the space most HML these days only charge on the drawn funds. 

Barley cashed flow for year one but by the beginning of year 2 already had a 45k growth in appreciation and around $200 in rent increase due to SoCal's lack of inventory and it's a 7% CoC.

The market for both SF and MF is very competitive right now but if you narrow down what you are looking for you'll eventually find the right property.

Unfortunately, other areas in Oakland are so competitive, and the numbers don't make sense which is why I was looking into East Oakland. 

Any effective 'profit,' for lack of better term, that you take is called the "boot." 

The bigger issue is the lack of communication.

We then apply a multiplier, which depends on the industry, competitive profile, length of time in business and several other factors. 

I don't know the area, so check your asking rent to be sure it is competitive.