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

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

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.

My wife and I are currently evaluating a 9-unit MF in my old hometown.

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. 

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.

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

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.

You would have to convince the county recording offices, who are run by career employees who in some instances still are using fax machines and rotary dial phones. 

To convert STR to LTR, evaluate rental comps, hire a property management company, explore multifamily properties in strong markets, and use a 5% Fannie Mae loan to buy a multifamily property.Good luck!