Exits will be irregular as some are influenced by the mortgagee and some by the borrower.

Additionally, confronting any buyer or borrower and attempting to influence them to abandon their rights can also be a problem.

I think it's a fairly competitive market over there.

that is a lot of competition.

http://www.biggerpockets.com/blogs/4430/blog_posts/32194-attention-wholesalers-2-ways-to-stand-out-from-your-competition

Because the of high demand, even that arena has become quite competitive and prices get bid higher and higher among the 2-3 folks (other investors/wholesalers) you're directly competing with on any given potential deal with a motivated seller. 

It is a blanket loan type product, I'm not sure how competitive they are with terms but they have sprung up for exactly this type of transaction.Something else to consider is instead of pursuing loans directly against the properties, maybe look for a LOC for your business.

@Martin S   what you are experiencing is a competitive market.  

If you would like to give some context as to the factors that you look at in priority order (more important factors vs. less important factors) that would be a value added conversation as well.Additionally if you would like to provide some flavor as to what kind of ranges you are seeing regarding re-performing 2nds and the factors that influence your buying decision, that would be excellent as well. 

I'm now in the Bay Area working for an IT company, and it seems the rental market here is very competitive...so I'd like to put my best foot forward and not scare anyone off.