Looking for REO's? You won't find many in San Francisco, but in areas outside of the city there are plenty. Fannie Mae holds tons of them AND they may offer you special financing... like 3% down, or loans on up to 10 properties for investors.... up from 4.
More on the special financing options here.
And check out the Fannie Mae REO site here.
For an email alert service of any or all REO's in San Francisco enter your criteria at www.Automated-HomeFinder.com and use the "comments" section at that site to specify REO only.