I can almost guarantee that they are not in it for the long haul like some small B&H investors.One of the things that I love about SoCal is that even if builders want to nut up, there are practically no empty lots near the prime areas left for them to build out, they can't build into the ocean, so the only place left to go is up, which they do but that is really expensive and time consuming, especially with CA building regs ... so regardless of if the market is super hot or just kinda hot (which is the SoCal equivalent of cold), there always seems to be a persistent shortage of housing here.

The more it hurts in practice or basic training the easier it is in the game. 

Not very practical. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Because DEMAND drives prices;I've watched & Participated in the marketplace here.I practice what I preach.Borrow $$ 4 2 things & 2 things ONLY;A-Your primary residence, &B-to make MORE money than the Interest on that which You borrow.4-for the folks stuck in the "stinking thinking"(eg:how mich Bigger of a "schmuck" than me will the next guy have 2B?)

Quote from @James Parla: Here's a good article about qualifications: https://www.eisneramper.com/ta...There are some legal cases at the end for practical application. 

Practice your pitch!

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.#6 Get Your First Rehab ProjectYou can practice all you want, but ultimately you will learn the most about estimating rehab costs by actually rehabbing a house.

It is a best practice to establish an internal view of a property’s value before placing an offer.

You might want to practice with a couple of friends to see if it runs smoothly.