Are we limited to 25k in losses? 

It does come with its own set of challenges, of course, and I agree that the market in Calif can be highly competitive.I see where you're coming from about wholesaling and flipping, especially for someone just starting out.

If the rent amount you're collecting is less than the limits of venmo/cashapp/paypal we do see a number of people that collect rent that way.

I have one myself that I funded after selling my SF home and once I set up my policy, I took a low, simple interest (5.5% for me) loan that I then used to purchase a 4 unit MF; now I'm using it to fund the renovations.

My advice is to limit your use of credit cards to front costs that are reimbursable with a bank draw in a loan that you have originated.

Learning to manage tenants, property managers, and projects is a whole other set of skills.

There are plenty of block that are still rough you can't sugar coat that, but projects such as the Pennovation Center and the Bellwether District are set to bring tons of new jobs and value to the area.

If they want to put limits on future contacts that is different than passing a law that changes a contract between 2 consenting, competent parties that was legal when entered into.When rent control is first passed and applied to existing leases, the government is changing the contract.  

Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner.

It used to be mostly LTV and appraisal, now it's the 1.2 DSCR, so in that way rent is becoming the limiting factor.