Some client is going to lose a lot of money because some agents just don't know and aren't interested in finding out. 

Find a house that comes up on the wholesale list that has a lot of bedrooms and buy it as an investment property with a hard money loan.

how much money you invested by yourself- (5%)What is LTV (patient money)- (~60%)For best after tax return can we get max depreciation  and max long term capital gain - (yes)history of operating partners - (done 13 deals before)have they gone thru recessions and executed- (yes)

Leveraging low-money-down lending programs is one of the best ways to build a real estate portfolio with minimal upfront capital.

My return is infinite as I do not have any money stuck in these.I like the fact that there are numerous ways to make money in real estate.   

If you fix the inside of the house spend a bit of money on the outside. you don't have to break the bank but make an effort.  

So you'll be putting out quite a bit of money to do that, and when you sell, you'll most likely have to convert it back.   

Insurance Proceeds and Taxability: The insurance payout you receive is not "free money."

Does anyone know of any real estate brokers in California that offers the MLS-only membership as I don't want to pay all the extra fees to be a part of CAR/NAR.

Another option is a hard money loan to cover both the purchase and rehab, which can then be refinanced with a DSCR loan once the rehab is complete.