Don't let anyone tell you different.You WILL need to work hard, prospect, even call Sellers and ask them for their business, but concentrate your efforts on Sellers. 

There are around 220 units under management with nearly a 1:1 unit-to-client ratio (which helps negate concentration risk), and the annual revenue across all sources is approximately $600K.

Since they have concentrated their purchases into pockets of major cities, it means it will be hard to command top dollar if you are selling 10 homes on the same block.

Your ability to avoid sinking too much of your capital into Dead Equity by obtaining mortgage loans...without a job, will be key.Now, if you're one of those who are listening to 1994 Carlton Sheets cassettes, with no money in the bank, bad credit, living with mom and dad, but just a desire to purchase, then stop wasting your time and concentrate on finding a job.

The FOMO was flaring up, so I am just telling myself "there will always be a next deal" and I'm concentrating on getting our CA property ready to sell.

What i accomplished in February:Started doing the maths on deals in my area and began to familiarise myself with various different aspects RE .Listened to 1 BP podcast a day in work continually learning.Went to the gym 3 day+ each week, (helps me with energy levels and concentration which has a positive knock-on effect on every area of my life)Where I fell shortCould have ran the numbers on more deals Plans for marchView more properties in my area to get a feel for the market.

So if I ignore all of my other questions and concentrate just on estimating the taxable amount that could be stated on a K-1, then does this look like it's even in spitting distance of what could happen?

Concentrate on those two aspects while also saving up as much cash as possible. 

Concentrate your early BP learning on marketing and learn how to find the deals around you. 

To me it makes sense, with the high concentration of universities, foreign students, and being costal.