2) Please define "above market upside in year two and beyond" as not understanding... 

Depending on your practice size and income level, you may just want to start with maxing out 401k and also adopting a defined benefit plan before committing to becoming a lifelong real estate investor.  

I'm not how you are defining a BRRR that works, but if I have a unit with brand new roof, mechanicals, kitchens, bathrooms, etc... and leave 10,15 or 20% in the deal I still feel like I'm winning.  

My main reasoning:Money is often defined in terms of the three functions or services that it provides.Money serves as a medium of exchange, as a store of value, and as a unit of account.

Life is made up of these defining moments.

The participation must be regular, continuous, and substantial as defined by the IRS.

In US tax law, the depreciable lifespan of an asset is defined by its MACRS classification which stands for “Modified Accelerated Cost Recovery System.”Under MACRS, depreciable assets are assigned to different classes, with each class having a specific recovery period.

For me as well as the seller.First, you have to define Sub to financing.Do you mean the reckless kind where you overpay for a property, take over the financing and borrow from others to cover closing costs and holding costs when you have no money, no credit, no income, no reserves and can't tell a warranty deed from a deed of trust and you close on the kitchen counteror do you meanbuying below market value, already having a nice income, having reserves, using escrow and title, already understanding the due on sale clause, have done a lot of creative purchases and know when to use and when not to use creative finance and how to recover if something goes amiss?

The rules in California are getting more and more defined however it still doesn't make the process easier. 

(I won't do them)The buyer can be facing "equity skimming" as defined by the law:Penalties of Equity SkimmingEquity Skimming is a type of Mortgage Fraud.