I’m just starting to explore the world of real estate investing here in the Bay Area.

Second GC undid all the work and started from scratch.

Google "skip tracing" and hire a virtual assistant or call center to start dialing any property that last transacted for under a certain price point.

It's great that you're getting started Ka! 

(i.e. have RE prices increased in the area, is there room for additional appreciation, how is the STR and LT rental market, any new housing or commercial developments?

Most often the terms specify that distributions are first paid to satisfy the preferred return and second they are paid to return capital, so the capital account would look like this:$100,000 starting balance$8,000 preferred return accrual($8,000) preferred return distribution$100,000 ending balanceIn year two, there is another $8,000 due, etc.But partnership agreements can be written however the parties agree, so the rules could be different and that would result in entirely different calculations and results.

If you are developing ground up construction and have another w2...would that qualify yours a RE professional?

If not, you said it great, ignorance will only go so far before it all comes crashing down.We need to know our business by working IN it, once we do that we can starting working ON it. 

For anyone who started out on Biggerpockets and still doing real estate, how has BiggerPockets helped you? 

Most sales agents are required to start working buyer leads when first licensed.