One question for the community is: What are the next best steps I should take to further educate myself and get started in this industry to set myself up for future success?

If the partner wants to get a bigger cut on future deals, they can save their money and buy into a larger percentage on the next deal.

Always smart to see the bigger picture and future cash flow potential!

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

Give them the projected return, but also be honest about possible downsides.2.

Best of luck with your project!

I work on projects across multiple states and have a strong network of contractors.Regarding when to involve a contractor, if it’s someone you haven’t worked with before, I’d suggest waiting until after the inspection.

I only charge markup on maintenance if it's a larger project that requires more coordination, supervision of the work, and inspection after completion.

So, my first caution is it would be healthy not to expect similar results on certain real property investments/deals in the current and near future cycles.That said, there are multiple considerations and clarity needed, before I would act on any investments with your equity.

We verify project feasibility and construction scope; and use 3rd party valuations and internal data to verify the as-is and subject to value.