Equity stripping is real and i've seen the states go after people.

I am considering working in sales or potentially another position that allows me to get some exposure to real estate.

If you want to dictate how to screen the tenant then you should self manage.For a W2 employee position I do not ask for their W2 or bank statements, just pay stubs.

Hoepefully it breaks even or you are positive.

Your most expensive cost besides your own sweat equity is stamps.

So it stops right there.Secondly you see folks bluster about specific performance on this site all the time and unless there is hundreds of thousands of equity someone is trying to get it rarely is a viable option. 

Not sure who you are wanting to be brokered with but I can only say positive things about KW.Remember to keep your pipeline full of potential clients and always keep your fiduciary duty. 

I'm currently living in California, which the living cost is extremely high, 3-bed townhome with good schools typically costs $900k, and I can't find anything with positive cash flow.

On your first question, the yield quoted is on your equity investment. 

that's the sale pitch about the "tax efficiency" of equity investing in real estate).Note: don't forget / freak out about when you have to sell and pay back that depreciation.Good luck.