This allows you to participate from the comfort of your own home while still networking and learning.

I am learning a lot about real estate and want to purchase a rental property in my area.

It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

My question to y'all good folks: Do you know of, or can you recommend, a company or brokerage that deals in property management in California that I could work for full-time and learn everything there is to know? 

The downpayment and closing costs would be one large hurdle in order to repeat this, I'm not sure how willing lenders are to allow 3 properties a year.

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

But make sure to check out the BP book store here also.

Learning how to responsibly use debt is one of the best tools any real estate investor has at their disposal.

To get started, continue learning through podcasts like the BiggerPockets Real Estate Podcast and books like "The Book on Rental Property Investing" and "Set for Life."

Better to invest in your backyard so you can learn and use your commissions for price reductions.