This is where using a competent agent becomes extremely important.

get paid to learn.. also when U work for a developer your going to meet the players just in your day job.I did a deal in the early 90s with US Pacific  ( it was a land timber deal in Oregon) But got to know them . 

I'm certain there are some regional players as well.

So If I got maybe 120k back out (not counting closing costs) I guess that's something to consider but I can't imagine a rehabbed 1910 house could compete with a new build.

Unless you want to kill yourself competing at 8% with the billion-dollar mortgage pools, you should establish lending criteria that includes meaningful competitive advantages.

Other thing to ask the lender is the interest owed based on commitment or actual funds advanced.. this ping pongs back and forth with the different lenders having to compete with the best borrowers..

Any competent lawyer would tell you that too which concerns me. 

Class c: soccer/ basketball players.

The other thing to mention is that you are going to find way more off market rather than competing with all the people that are driving the price up and are making emotional buying decisions.

We all know that the Cap rate in SF is abysmal at 2-3% and a good Cap rate in the areas you were eluding to earlier can be anywhere from 10-15%, but when you factor in the appreciation over 20 years CF can't catch up or compete with Appreciation.