I would evaluate at least 5 properties if there are that many in the area.  

They will evaluate critical factors like land grades, water and sewer systems, and overall feasibility.

I knew it was a unique real estate market .. but sadly all the risks I evaluated were correct.

I have a written office policy manual that explicitly permits my employees and sales agents to carry at their discretion.

I recommend AirDNA subscription for picking and evaluating both markets and individual properties, a little pricy, but if you are taking the investing seriously and with a long-time horizon, definitely worth it in my opinion

Generally your hours working at BP as a W-2 employee would not be part of RE professional hours unfortunately.For those who are RE professionals, gain on sale of rental real estate is still capital gains and still avoids self employment taxes just the same for those tho are not REPS so there is no downside to being a REP in the example you provided Scott. 

My name is Neil and I have  recently  worked with my  first  client in setting  up  a  real estate business and in order to get started, I am interested in deal evaluations and making offers as a wholesaler and with creative deals in the Los Angeles area.

With your strong equity, consider refinancing to improve cash flow, selling a few properties to reduce debt and build liquidity, or re-evaluating rents and exploring short-term rentals for better returns—all while aligning with your long-term goals.

Solo 401k requires self employment with no full time employees other than you and a spouse.  

Here are some key criteria for evaluating a Cost Segregation provider:- Seek out a Certified Cost Segregation Professional- Consider their experience with tangible property regulations.