He also gets to enjoy California's low property taxes and high appreciation which has worked well for him. 

It sounds a bit high imo but it really depends how much work he/she is doing.

Lately I have found some excellent small business contractors that do great work without the high overhead.  

Soon closing on a property property cost $458k and the closing cost is really high we are doing FHA mortgage they are charging 2% of the loan plus application fee and mortgage insurance on closing for the amount of $7k and plus monthly mortgage insurance... in 2020 there was not just a thing 2% of the loan on mortgage origination loan fee! 

The last auction of treasuries also saw Russia and China buying less US debt and investor optimism is not high, and bids were like 50bps greater.

They will have a better idea as it isn't just how much you make, but how much debt you have and how much you've saved up for a down payment.Prices in Vancouver are extremely high, so I'd skip it. 

I am more focused on equity growth though, so I would like to purchase a “value add”  in a great area with a high chance of appreciation.

Unfortunately, it's highly unlikely a standard home/rental policy will cover flood or landslide. 

@Jack B.Tax planning for an orderly disposal can be fun and highly recommend you work with your team on this.  

I would try a local commercial bank, you might be able to get in the high 7s for a full doc commercial loan.