I live in S. California also, and it seams like the new properties would be expensive to do a sale / lease-back deal. I'm new to all of this though. How did you find a developer that was interested in doing a sale / lease-back? It seams like all the builders out here are the large corporations (like Shea Homes). Do you just go to the new open houses and ask? I'm thinking about trying to do it in Phoenix or Las Vegas. Anyone have any advice on finding builders that want to do sale / lease-back deals? :)