Your true return has to be risk adjusted.  

.- The TL states that those are technically the team's leads and I will owe the 20% if they convert within the year since I was given training (which I was not), lender referal (which was forced on me by the TL even though I work with my own lenders for my clients).Is the above statement true/legal/valid?

The old adage is true in real estate as other aspects of life - if it seems to good to be true it probably is. 

Switching the utilities into their name without safeguards in place—knowing the tenant might act out—seems like a misstep on their part.While it’s true you’ll ultimately have to cover the cost, it doesn’t feel entirely fair for you to shoulder the consequence of their decision.

I keep saying it's making me a better investor and that's probably true.

I learned this phrase about 50 years ago in my first year as an agent and its true today."

This is especially true in appreciation markets.  

Assuming this scenario is true, I cannot see a scenario where coastal RE near Los Angeles does not have over sized appreciation.   2nd homes is not going to make a significant dent in this increased demand. best wishes

Or a PM bizz  etc etc all of these are RE based but you dont need to own any RE per se . when you have investors that are not in the bizz IE not brokers lenders GC's etc etc they to me are true investors and depending on their background and funding ability scaling can be a pipe dream or one can methodically do it in what ever rental props they want to buy..

But more importantly ask for their rate sheet, if they can provide it, to understand, what the true interest rate is, the lenders spread, and the cost for that rate.More than likely if a broker is using the same wholesaler, it is because collectively, that lender is offering the most competitive rate.