(Source: Mercury News: California voters approve Prop 19, changing property tax breaks)They also learned from their loss in 2018 after a similar ballot measure was defeated, and came back with a few tweaks (and more money) to get this one (narrowly) passed. 

I get where your coming from but the point of an LLC is that it keeps the asset protected from all others so in a sense the holding company is just a formality for tax purposes since an s-corp would be attached.If you do a separate llc for each property without a holding company then you would have to make a separate s corp for each property which wouldn't make sense as that defeats the purpose of the s-corp thus the reason for the holding company.

So far in 2023 and 2024 the group is 7-0 including giving the Alamo the worst defeat since Santa Ana.  

They couldn't care less that you buy a property in Mexico with the money; you could as well us it to go on holidays or for whatever other purpose.For a real estate investor, taking such loan completely defeats the purpose of the savvy investor willing to get leverage on the property he's buying.

Doesn't that defeat the purpose? 

While it is possible that at the end of 5 years, you could have a cash flowing asset, that has appreciated in value and amortized the mortgage, those are not likely to be a fun five years, and for me, defeat the purpose of real estate investing in snowballing my wealth and making my life easier and easier, financially, with each investment. 

For STRs, I prefer no leverage or really low leverage(10-20%) to defeat the volatility in bookings.  

I know millions of others have figured this stuff out so I'm feeling pretty defeated at the moment.

The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”Theodore RooseveltApril 23, 1910Truer words were never spoken.

I ended up having to manually reconcile some of the Stessa reports, which defeated the purpose of using an online platform.