My real estate background includes drooling over houses constantly, (my wife hates our little detours to see what the for sale sign is all about,) and 1.5 years working in property management.

That is a state I wouldn't go anywhere near as I believe a mass exodus is coming and likely an influx of migration to its neighbor Texas, which has highly ranked schools.

And it's not in the city proper, it's near the Eastern waterfront with access to private airports, marinas, and a golf course.

The area near the brewery can be isolated. 

I am hoping to get some feedback from BP concerning the housing supply near OU, and in general for Norman.

I grew up in Northern Glendale, near Montrose / La Crescenta. 

There many things you need to know ideally before you make an offer.Your first thing and not necessarily be the most important is the first impression when you drive like the building(s) and the landscaping, is it's location good for your tenants, the mix of the floor plans, can you add any value, Make sure when looking at the income and expense records that you looking at actual financial statements.Are there any nearby schools and are there there any nearby amenities and what type of the parking is available to the tenants, how any nearby apartment locations and what, if any, are they doing to attract prospects, look at all units and do not let the current owner trying to get you  not to do that, how does the current rental rates being collected near the market average, does it need any capital repairs or rehab right away,does it have a positive cash flow now, is it being properly managed by property management, and is there any nearby retail development and do its match your target market.

We are constantly looking for seller finance deals, given that these are the ones we are eligible for.

Buy an apartment near a good school district for 1 mill and sell it for 1.5 mill in 2 years. 

CA is a foreign country.. and I learned this as a HML there.. not nearly as cut and dry as being a lender in the US>. the judges in CA have wide latitude to cram down your rate.. give borrower more time etc etc..