It is an entirely different proposition to actually purchase an investment property - especially your first investment property.

“[Proposition 10 would] make affordable rental housing even more scarce than it is today, widening the gap between our state’s haves and have-nots [...] 

Overall, I think he needs to be compromise a bit on that particular proposition. 

FYI- Go to the county or CA websites for specifics, just one EX:"Propositions 58 and 193 exclude from reassessment property that transfers between parent and child or from grandparent to grandchild provided specific criteria are met"

Here are a few lists to get you started:https://www.biggerpockets.com/renewsblog/2013/04/1...https://www.biggerpockets.com/renewsblog/2014/12/2...Once you've done all that, you can articulate a value proposition to an investor that you'd actually want to follow in their footsteps.

What’s the value add proposition?

I think realtors have to become more sophisticated as the value proposition gets challenged, but it’s harder to automate these transactions given the nature of the business and asset.

There are many benefits that plan can offer over a self-directed IRA, one of which being that you and your wife could possibly have 1 plan for both of your traditional and Roth funds.If you're not eligible for a Solo 401k, the IRA will likely become a better value proposition for you as your income (and taxation) grows.

I am partnering up with a friend, but don't know how to make it a fair proposition. 

Isn't that what some proposition number is about?