I had mixed results for my area and was not convinced it was as tightly controlled.

You need to know what these are for your local area, ask a realtor or your title company, to be able to identify who owns the property.You might call/visit the local government building or planning department to find out two things; 1) Who owns that parcel and 2) what covenants/operating and use agreements, if any, are in place that control the use and maintenance of the property.

Unlike depositories, if money is lost in some manner, it is money that belongs to ownership in the first place. 

How difficult is it to find a good deal when you can't buy at auction with cash and you have lost the all cash leverage of making an offer on a preforclosure?  

If you're simply assigning it or double closing with the investor's funds then you want to advertise yourself as "the source" or "the one in control" to clarify that there is no daisy chain.

Remember you don't have to own a property to control it.

You can't really control that they clean it to *your* standards.

Master lease options are great ways to control property, but I don't think I would use that method if I were going to be investing significant time and $ into a place.  

Obtained my RE license so I can control and be first to good deals.

I am an investor and rehabber, I have personal investments in residential, but I currently work and have worked in corporate America for 10+ years in commercial real estate (I am currently the Controller for a pretty well known Brokerage/Property Management/Insurance group in Pensacola) and I love my "day job", but rehabbing commercials properties is where I am headed.