I understand for a flip they will get a percentage of the profit, but I'm not sure how they benefit from a buy and hold.

I would rather own fewer solid properties than 50 or 100 cheaper properties.I hear a lot about California being a terrible place to invest with landlord tenant laws.

Anything less than 1500/month that is a solid property and decent location will typically move in under 30 days. 

Once you understand the solid core of wholesaling, you can implement your own strategies.

Have you owned horses and understand the liabilities and costs?

Use a good agent...I didn't say any agent...I said a good one that really understand the construction process.

Also make sure you understand the difference between a partial and a hypothecation.What I mean is typically with a partial you are buying a stream of payments from a note holder (an A piece call it) and are responsible for managing the loan, paying servicing fees and if it goes bad, the agreement will indicate next steps.A hypothecation is when the note seller hypothecates the loan and typically will pay you (not the borrower) and they are responsible for managing the loan and paying servicing fees. 

Make sure all tenants understand and agree to these rules before moving in.

Unless an investor has experienced two FULL real estate cycles, they don’t really understand severe “corrections”. 

Solid underwriting is so important!