Hi Edward, I agree that investing in the out of state market may be a better idea in terms benefiting from potential cash flow at a more reasonable price. 

Understand Proposition 13 for property tax benefits, local transfer taxes, and strict tenant and rent control laws.

Hi Katie, do the tax benefits apply to just Real Estate professionals or could it also apply to regular full-time W-2 employees?

As you move up the scale to higher prices, you get more benefits/services.  

If you're comfortable taking on more effort for bigger rewards, BRRRR might be the way to go.From a tax perspective, BRRRR may be better because you can potentially benefit from accelerated depreciation on the property, which can help reduce your taxable income and give you a bigger tax advantage compared to a turnkey property.

In my opinion, the marginal protection benefit doesn't justify the extra costs and worse financing terms.

Also AirBNB stocking fees, maintenance, cap ex.But at the same token know that the principal portion of your mortgage payment is actually not a true expense so there is that benefit to doing all of this even if you are light on the cash flow or break even.  

If you wait until 70, you can maximize your benefits. 

My boyfriend is a 100% disabled veteran who receives $6,500 per mo in benefits. 

There is no, or very little, current benefit - there is no cash flow.