The market is very efficient here and even junk sells in days for a premium so that off-market "deals" are few and far between and most of those are overpriced by FSBO's.      

Your instinct that SFR's should fetch a premium price over small multi-units in Marin is accurate. 

He paid 1.25x rent plus a premium for the furnishings and I got the place back in the black without missing any payments.

Roughly premiums could double, so make sure you quote that out before even discussing what rate you would charge to operator.

@Robert S Struhala Jr with warehouse insurance, the types of tenants and what they are storing will have a large influence on your premium. 

They're paying a premium for the finished product, move in ready.The people that want to do the flips themselves probably have their own vision for the project and likely don't value the plans too much.Doubt it'd hurt anything, but highly doubtful you'd see much return on the money spent to get them.

Oh man I love it, permanent mortgage insurance (not private mortgage insurance, which would be for a conventional loan, MIP or mortgage insurance premium is FHA).

He's willing to pay a premium if he can figure out a creative way to do this.I have alot of capital, so what if would lend him a hard money loan for the down payment or write up a contract that all future cash flow goes to me until the borrowed down amount is repaid.

There are loan products that allow you to buy under an LLC, but there is more of a premium on those. 

It's probably worth more as buildable lots... because a Golf Course is Business Income, and my guess is it's income is low to negative long term.You paid a premium to live in a (financially) exclusive "Golf Community" and now the core of it will be medium density and no more Golf Course.Those who paid the biggest premium most likley were those with homes right on the green--now they will be on the front lines (so to speak) with medium density (which might include Section-8 and other Governmental Assistance apartment buildings).Melinials (as a rule) do not value playing golf very much, and with the business income of the course being low--highest and best use...It's also probably going to effect your property values...Location, Location, Location.In short doing this seems to really shaft the Existing Homeowners, too bad your city government doesn't rezone it as a huge duck pond, dig it out and flood it.Even with the course closed there are carrying fees, such as taxes and insurance, so leaving it as a self owned green belt would be a shark bite for the owner.It's interesting that they don't want to zone the same as the existing doughnut of homes and want to go with Lower (to no) income group of people in the middle of the doughnut.From a return on investment it makes sense, but so might a stench producing rendering plant.If they zone to the existing doughnut of home the price loss on homeowners MIGHT be less.This seems to be the trend of the future...