I am trying to tabulate Business that may have higher depreciation but yet help me build wealth in form of real estate or potential customers for variety of services. 

The liability coverage is way better, the building coverage is often better, and commercial policies typically cover loss of business income as well, which a homeowners policy isn't going to help you with.California + wildfire area + STR is super tough. 

Relationship Building: How will you get to know the borrower?

I come from Europe too, and I know it can be overwhelming when you look at the real estate market in a new country and with completely different building technics ( sticks instead of bricks), but is not as bad when you have the right team in place. 

If anyone needs a GC once the designs are done I can build/renovate the project.

But then you have the benefits of using it yourself, plus you'll build equity if you choose the right property.

Basically, more than a certain amount of STR and MTR in the same building were considered a hotel and I would have had to have 24/7 staff on site.Were you able to get around that with the local municipality?

Valuing your time and understanding your limits and skills will make a big difference in the equity you build, the quality of the work and your sanity. 

My best piece of advice is find the most nit picky building inspector you can.

@Amir PortalStarting the BRRRR strategy in the Dallas-Fort Worth (DFW) area is a smart way to build your real estate portfolio, especially with the area's growth and rental demand.