The second would be to spread out taxes instead getting hit all at once from Uncle Sam. 

Many times they will claim it's wonderful and then try to hide their worst deals by only showing completed deals.

Don't forget to save up for closing costs, property taxes, insurance, and any potential repairs that may be needed.Start by connecting with nearby lenders or mortgage brokers to evaluate your financial preparedness and investigate loan possibilities.

Transfer taxes, recordation taxes, lenders title insurance, owners title insurance, closing fees, lender fees, appraisal, survey, deed prep, recording fees, insurance, escrow 

Take a “break even” sale before interest, utilities, taxes, insurance eat you up?

The book is saying open up multiple accounts for your business for the purposes of charitable giving, owner income, taxes, paying down bad debt, etc.

Is there anything we need to do for taxes?

It’s in California and the tax basis is quite low.  

E&O policy premiums can vary widely, especially if the Brokerage has had agents that have had claims filed against them successfully. 

Is this a true 10% cap or is this what I refer to as the "realtor special" where taxes, insurance, water and a nominal maintenance budgetary number is included.