I wish that I could've saved my time and effort, but I hope this will help someone else in the future from being taken advantage of when trying to learn and grow.

Most of these opportunists take advantage of people who just need a little confidence, because there is no secret sauce.Good luck and have fun!  

It's free market that gives advantage to the broker LOL

I personally don't see an advantage in requiring it.

These are advantageous as they look mostly at the asset's for the loan not necessarily your personal statements as much as conventional loans. 

I understand that forming an LLC can offer various benefits, such as liability protection and potential tax advantages, but I'm a bit overwhelmed with where to begin.I'd appreciate any advice or recommendations on the following:1.

If so, you are in very dangerous territory and should definitely STOP all your dealings with this transaction until you consult an attorney and the CA foreclosure consultant laws which specifically prohibits taking advantage of homeowners in foreclosure (in default) against predatory investors. 

I really don't think that applies anymore as the number one advantage of Real Estate is the leverage (it's easy to get money for it).However, You need cash reserves to make sure you stay in business and can keep building (both skills and wealth).To answer the question of BRRR vs Flip - It's all about "do I have enough cash reserves to make sure I'm going to stay in business?"

So for example, a 761 credit score will be in the 760-779 credit category, then going down to 740-759 and so on.2.

If you aren't looking to invest that kind of time, then perhaps you can still benefit with the leveraged returns you receive through real estate investment as a passive investor that can be tax advantaged, but the related losses won't be able to offset W-2 / Pension / Retirement Distribution / Roth Conversions / Etc.Another consideration - do your kids have an interest in real estate?