Should I wait until its higher before applying for a loan to get better interest or should I take the money I have now and start considering purchasing?

Your interest rate might be higher and the amount you qualify will be less based on what you mentioned, but in terms of being able to get a loan I can't fathom not being able to find a lender that will give you a loan. 

I do however have a copy of an excellent list that mentions a lot of the common books, such as Rich Dad Poor Dad, EMyth etc.

You also mentioned there's a 5-year balloon (at least I think you did, I can't see your post when I'm typing this...) 

I thought about borrowing money from a family member but I would have to pay them back which means I would have a property now but would then have to wait another year or two before I could make my next move. 

In regards to your actual question, I would say it is unwise to simply wait "until you meet people with big bucks".

While listening to podcast #283 (which you should listen to in case you haven't), Paul mentions that when he wants to buy a house, he sends the homeowner a three-option letter of intent with the following options: Cash offer (percent of what property is worth minus repairs, typically 50% of after repair value, this is the lowest value offer of the three that are given)Owner financing (interest only, this is a higher offer)Owner financing (principal only, no interest, this is the highest offer)Option 1 is easy to understand, the ones I don't know how to apply are 2 and 3.

unless its a sherrif sale  In Washington its just one notice@David Friedman  CA there are two notices as you mentioned  in WA and OR trustee sales just ONE notice.and even sherrif sales just one notice.. that will have the sale date in it as well.What WA OR and CA investor need to check out though is buying assets that are in pre foreclosure there are specific rules regarding those and profits that can be taken from them. 

Do you sign the lease, and wait for the money til the lease start date prior to move-in, or do you require the deposit and/or 1st mo. rent at the lease signing?

IE. she cannot just make unreasonable demands and expect you to fulfill them.You mention California is a very tenant friendly state and I see you are in Milburn.