Please let me know the financial implications. 

With a passion for finding undervalued properties and transforming them into profitable assets, they are eager to learn, grow, and build a successful real estate portfolio.

I will give you the common-sense answer below, but this is California, where common sense doesn't exist.A mandatory evacuation is outside of your control, so you shouldn't suffer financially because of it.

This thought led me into studying about becoming financially free and building generational wealth.

A tip would be knowing The number of doors you qualify for from a lender, And then looking at financial statements from places a little smaller and a little bigger.

There’s definitely potential in finding distressed assets and adding value through smart renovations.Setting up an LLC in the state where you’re flipping is a great move for liability protection, and working with a local attorney will ensure you’re covered on state-specific legalities.

Building equity in your house is one of the biggest financial advantages of homeownership.

--------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You do it by building relationships over time and being an asset to investors.

I’d think long and hard about this and possibly set up financial parameters for who is responsible.