There is a wide array of investor-participation requirements between some of the investment types, so you'll want to consider what it is you want to achieve through investing and then match that with the asset class and strategy that best compliments your goals.

They did work and they deserve to earn from it, and by doing that work they helped achieve my goal!  

Being able to scale and help others achieve their financial goals along with my own.

Rehab in ~3 months to achieve an ARV of $100k, then rent out the property for the required seasoning period before refinancing to a bank for worst case 75% LTV ($75k).

I figured I would finally make the push to become more active and start posting (hopefully this also keeps me proactive on achieving my goals).A little about me: I am 23 years old and a couple years out of college (UC Irvine).

Assuming you are able to achieve your zoning goal; consult a reputable contractor to determine the construction expenses.  

“Tuition and commission” were achieved in this case.

It seems that you are contemplating great options and terms like the 2% rule, but you have to know that not even savvy investors are achieving this around the US and def. not in California. based on some answers you gave above: you said you don't know anything about rehabbing, managing a property, etc Learn more about this: read the books, go to the meet ups, network. 

The investors who meet their goals are the ones who are laser focused on the goal and take those daily actions to achieve them.

If I were in your position, this is how I would achieve that: First use the cash from a refi to purchase two properties all cash.