However, the key word is "perceived" which can be incorrect and certainly incomplete.

Abundance was the key word.

We didn't just "go" see a property since I can drive by myself to check out and learn the area where the property was located, I didn't find it necessary to go with my agent unless I felt it worth further investigating.

If you haven't yet, be sure to set up your Keyword Alerts!

They are both great at learning the fundamentals.Also - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books EverHow to Start Investing In Real Estate at a Young AgeOh - and don't forget to set up your Keyword Alerts!

The city and state authorities are not helping by stretching out the investigation this long.

@Jason FietWelcome to BP and congrats on locating your 1st REI acquisition.However, I see some key words in your post, namely friend, money, business.Sometime they don't mix well and can even become very volatile if things are not going right.So, my suggestion would be for you to form a LLC with your friend to ensure that all business related matters are handled accordingly under one entity.Please take the extra step and time to do it right before you get started, as somewhere down the road you may be glad you did.Good luck and best wishes with your future REI activities.

Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.Also - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books Ever How to Rent Your House: The Definitive Step by Step GuideHow to Be a Landlord: Ten Tips for SuccessOh - and be sure to set up some Keyword Alerts- especially for "San Francisco" so you'll be notified when people mention it here in the forums.Thanks again for introducing yourself!

How do I obtain an inventory of homes that I can further investigate?

You may also want to use the search function and/or set up a key word alert for refinance and HELOC.