That's not to say don't buy a home just recognize it for what it is, and that buying bigger will reduce your borrowing ability.

Seems like a marketing term as it is not an officially recognized profession in the mortgage or banking industry, I've ever heard of, a guru type term and probably used to describe those who are not legal brokers.

I recognize that apart from reading books about real estate I need to start and learn more about the specific market that I will be investing in.

And, please also recognize,(DISCLAIMER) that though I am licensed and experienced in this industry or REI, I am not claiming to provide set in stone, perfect information that you should live and die or even sell and buy by.  

Your tenants in these working class neighborhoods would likely never do you harm, but it isn't hard for other people in the neighborhood to recognize its right around the first of the month and "Hey look, it's that landlord's car..."

Keep in mind that CA doesn't recognize the real estate professional status so you'll only get the tax advantages on your federal taxes.  

You would not recognize a gain.  

The waiting period required for Chapter 13 bankruptcy actions is measured as follows: two years from the discharge date, orfour years from the dismissal date.The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge.

I may recognize the Asking price is way too high or the rents are below market rates.  

I learned then and there that if we ever again offered a discount on our rent it would be recognized in the last month of a completed lease where all payments had been made on time.