Our "new" mayor is STR friendly but there is a lot of local neighborhood opposition to the concept and I expect the rules to be better defined in the coming year or two.  

Most  buyers (me included) would define that in terms of equity.If, after confirming no open probate on owners of record as suggest by @David Krulac then most buyers will probably go the route of probate.This means you need to determine who are the legal heirs of a presumably intestate estate, finding those heirs, getting someone to open probate and selling to you or buying their collective interests and probating the estate yourself.Just a few moving parts. 

I have spent the last four years reading and researching on my own to formalize my goals and define my niche.

., how does the management contract define the word "commission?"

Whatever course you choose will more than likely have these steps and deadlines clearly defined.

I think the discrepancy is that they define principal residence as a property that will be occupied by the borrower for the majority of the calendar year (4155.1 4.b.2.a).

So the low end price limit (based on ability to refinance) and the high end price limit (based on cash flow) gives you a defined pricing "sweet spot" for BRRRR.

When looking at potential return, defining "good enough" is up to you - it's your money/investment!

You need to define your goals and motivation for getting licensed.do you want but and sell for yourself or investors.do you want to sell homes retail ,lease apartmens or home's.what do you see your role in real estate,full time part time etc Once your can define your role then you can think about a company to work for

Obviously it's important to understand what income taxes will do to your investment income in order to pick the best investment(s).I agree that the way Dan does it IS the common understanding of "cash flow" when working out whether a "deal" is to be had or not ie. the tax implications are a separate, later consideration.Yes, perhaps your newly defined "cash flow" variations are a bit "too nuanced" (for me)!