Specifically, I would appreciate recommendations on the following:What courses, certifications, or degrees should I pursue to gain a strong understanding of the real estate market?

If you have specific questions about property management, I'll be happy to help! 

In my market, agents/investors/wholesalers pitching creative financing get this objection as well.They typically have a 2nd offer (usually much lower purchase price) for the owner to be able to accept now and cash out. 

Are there any specific compliance or regulatory challenges I should be aware of in California?

@Patrick FricchioneIRC section 121(d) now sets a specific holding period when a 1031 replacement property converts to a principal residence.

Purchase price: $60,000 Cash invested: $20,000 Sale price: $240,000 Lakefront duplex Denver Colorado.

Purchase price: $162,000 Cash invested: $1,460 Sale price: $272,000 Contributors: Peter Vekselman Partner Driven, in collaboration with our partner Seth Choate, successfully completed a deal on N Pasadena Ave, Waterford, CA.

Purchase price: $175,000 Cash invested: $34,000 Sale price: $750,000 Single family Vacation rental direct sail boat access.

. $425k) to purchase a 12-unit Apartment ($1.5M) with 25% down ($375k from the HELOC).The remaining $50k from the HELOC could go into fixing/rehab of the 12-units.Then cash-refinance the larger amount from the 12-units to pay off the HELOC in one lump-sum (as much as possible), then using the cash flow from the apartment to pay off the rest of the HELOC.Repeat the process with a new apartment.1) Does this make sense? 

However, there's no AC and heat there and I have already purchased min splits air conditioners and an electrician has also laid the lines for me.