True about CA as most counties prop Tax is around 1% of value- however most desirable cities introduced Mello Roos or Community Development Fund tax which makes CA prop Tax around 1.9% to 2% in most desireable cities.

But the contract prices are still ahead of the appraised values, so traditional financing is a problem.I should also mention that I am referencing an extremely desirable short term rental region.

I think the key is you set your desired cap rate first.

The overall strategy will also be dependent on how much cash you have on hand, your income & ability to qualify for loans, single or married w/ kids, like your job or not & level of desire in quitting your job.

I mean areas with tenants around high 600s credit, millenials and people who are renting not because they can't get approved to buy but because they are young and want to try out living in desirable locations.

Guess I could aim to a desired ROE so if I'm above it I'll profit and if not I won't be entitled for compensation.

Just a heads up, I believe you have to be a managing broker in order to open a brokerage so your boss would need to take the steps mentioned not you.Additionally, just curious what your desire to open a brokerage is? 

FYI the property sits in a desirable area close to Tesla Gigafactory in Austin, TX. 

Is it best to assess this property as a single rental or is there a good way to list something like this as multiple units with the option of renting out the full property if desired? 

If there are foundation issues pier and beam foundations are much more desirable to slab.Foundation issues are more prevalent on the east side of town which is also a very fast-growing part of town.