I not only have a 70% ARV cushion (minimum), I have a fixed rate of return (risk shifting) and a labor component that comes from somewhere else (my flipper).  

In my head I want a cushion, and would only be putting 35-40% of that amount to work at any one time....and as our account grows the percentage working may grow as well...but it seems to us that throwing it all out there at once with nothing to fall back on would just be reckless...like betting on red every time in Vegas....you may win for a while, BUT in the end you will lose it all...think 2008.

My investors are protected with an equity cushion because of my low acquisition price, they are averaging 9% return on their invested cash, and the operating agreement states that we split the upside (above their TD amount) 50/50.

Hey, if the amount of income from rentals and your pension together afford you the lifestyle you want, with plenty of cushion to spare, and you can't wait to get out of the rat race, go for it.  

Pursue these programs to acquire a 2-4 plex in order to live for free.8) What personal property do you own that can be sold/bartered to put some money into savings and provide a cushion/peace of mind?

I agree that multi-unit properties will not give the investors the 800% returns like in the past 20 or 40 years, but the single family homes are also in deep trouble and I will bet that the investors buying single family homes for the prices are going to get burned big time and the investors buying the multi-unit properties may not see the 800% returns in 20 years, but since they have the opportunity to increase the rents and they have 4+ rents coming in the multi-unit investors have a much better cushion and a much better chance to forcefully increase the value of the property by increasing the rents and increasing the cap rate, or whatever numbers investors like to use.I never pay attention to the cap rate and can't ever remember the simple math formula because I don't care so much about the cap rate when I purchase the property as I care what my return will be after I make some improvements and raise the rents and that is the nice thing about multi-unit properties.

I think BRRRR is possible in California, but you definitely need to have a good idea of rehab costs and make sure you leave some cushion because it always goes over budget and takes longer than you had planned.  

Save up a cushion.  

I did not do the cleaning myself so imagine my surprise when my son removed the couch cushion and half of it was burned.

They didnt have generational wealth, money, or friends - they dont have that financial cushion, so its absolutely crazy when people advise them to do it alone - then they look up 10 years later havent moved because that's not best for everyone.