@Jon Schwartz1) To begin with 3 million FMV in California captures innumerable small business owners standing entirely on its own, but if that weren't bad enough, the valuation standard is actually aggregated across all properties owned so it's not in fact in excess of 3 million per property making it much worse still.2) Commercial properties have a very suspiciously expansive scope in the initiative (the devil is in the details, as is typical, and here as well) thus capturing both mom and pop businesses and in many cases even agriculture.3) Unsurprisingly those proffering the provision have acknowledged it is but a first step, once they get their foot in the door with passage of the initiative they will shoot for full repeal of Prop 13 targeting all real estate owners.4) But you make a really great point, sell it as tax on fat cats (while in reality it's scope will hit many many small businesses) makes it palatable to a largely uninformed electorate and further softens them up for delivery of the really big hammer when they shoot for full repeal of Prop 13.

Please help :( My investors have traditional, they invested with me in " other people deals" I want to start my own multi family fund/JV but see conflicting info about the " warm body" requirement for debt ( commercial debt) . queations : 1-JV vs Fund ?

So this is a longer topic but let me give my quick thoughts on 'fat' and overhead in a property management setup:You absolutely need property managers and maintenance.  

Can someone is layman's terms explain a warm bodies guarantor.

I am headed for fat FI, so I can do everything I want.

By limiting middle fat.

By limiting middle fat.

By limiting middle fat.

@Lee Scarlett There is no basis for a legal fight....the mom already signed the deed (the fat lady has sung), the son just has delusions/dreams of doing something with it which will never happen.  

Basically, it's the body mass index of real estate investing: easy to calculate, but not providing much real insight.That said, the best explanation I've seen so far is here: https://www.biggerpockets.com/...