Tenants simply can’t afford them and move out.

However, opponents argue that privatization could disrupt mortgage affordability, increase borrowing costs, and reduce accessibility to financing for first-time homebuyers and small-scale investors.How Privatization Could Impact Real Estate InvestorsIf Fannie Mae and Freddie Mac transition to private entities, several key changes could affect real estate investors, particularly those relying on conventional financing.

I would recommend not starting with a BRRRR; instead, begin with an affordable, Class C, turnkey single-family home.

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.

Next, speak with a lender and find out what you can afford.

I’m especially interested in connecting with others who are focused on affordable housing, real estate investing strategies, and growth opportunities.Looking forward to engaging with you all, sharing insights, and learning along the way!

Using quality yet affordable materials can transform a space without excessive costs.I could remember working on a property an investor purchased.

As I said, you don't HAVE to pay for any tools if you can't afford it, but it will take a lot longer and be more difficult to start making money.

Having the knowledge of what transmutes separate property to community property may be a very important lesson for you, as well as what liability protection can be afforded by retaining assets as separate property, if any.As to the LLC, there are a variety of opinions, but you are correct that generally any LLC "doing business" in California should register with the California Secretary of State and pay the minimum $800 annual fee. 

Avoid affordable (undesirable) properties that will typically have higher maintenance and vacancy, and buy A or B properties with less maintenance and better appreciation, which is where the real money is made.