Now in purchase money states like the were we live risk of a default does not exist.. but in a State like Texas a seller could get twisted up pretty bad.Thank for that insight, it sounds like you were well prepared to be able to just cut a check to take out the underlying mortgage when called.

However, if you're thinking about doing it full time, you better be prepared to work 60 hour weeks.....minimum!

You have to be prepared to move fast on what I tell you. 

When I apply for refinance, the bank will typically ask me for mortgage statement, how should I prepare one?

Fyi... you said the magic words "Californian" be prepared to be inundated with DMs from OOS agents.

If an Accountant, a CPA or a tax preparer or anyone who is giving you this advice ...... ( I am not saying anything ).Here is another think - as you are flipping properties you do know that you are supposed to pay estimated Income Tax on your gains.

And if necessary and she can't see it my way, I'll have to find a different tax preparer, I guess. . . .

Compare that estimate to the $5k withheld from default contractor. 7- Prepare a delivery of the documented unfinished work, written detail with photographs, a copy of the replacement contractor estimate, with a termination notice certified mail to the default contractor.

Will they be prepared to address retirements and disposition?

Just be prepared for tenants that can't afford to mow the grass, or change light bulbs.